US EditionAustralia's Q2 Inflation Surprises on Low Side
AUSTRALIA, JUL 30 – Australia's inflation rate fell to 2.1% in the June quarter, the lowest since 2021, increasing expectations for a Reserve Bank of Australia cash rate cut next month.
- The Australian Bureau of Statistics reported headline consumer prices rose 2.1% over 12 months to June, down from 2.4% in March, the lowest since March 2021.
- In July, the Reserve Bank of Australia left its policy rate at 3.85%, with Michele Bullock saying the board awaited June quarter figures to assess inflation’s trend.
- Underlying price measures, specifically trimmed mean inflation, was 0.6% in the June quarter, in line with expectations and the lowest since December 2021, with unemployment rising to 4.3%.
- Futures markets price in a 70% chance of a rate cut on August 12 after inflation data showed a 2.1% in the June quarter.
- New inflation figures increase the chance of Governor Bullock announcing a further cash rate reduction next month, Bank of America predicted the June quarter data would prompt a 25-basis-point cut at the August meeting.
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Inflation Falls to 4-Year Low, Boosting RBA Rate Cut Hopes
Australia’s inflation rate has eased to its lowest level since March 2021, with overall prices rising more slowly. The Consumer Price Index (CPI) increased by 2.1 percent over the past year and 0.7 percent in the June quarter, according to new data from the Australian Bureau of Statistics (ABS). The drop from an annual rate of 2.4 percent in the March quarter comes amid a broader easing of price pressures across fuel, housing, and key services l…
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Coverage Details
Total News Sources30
Leaning Left13Leaning Right4Center3Last UpdatedBias Distribution65% Left
Bias Distribution
- 65% of the sources lean Left
65% Left
L 65%
15%
R 20%
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