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Australia: Monthly CPI moderates to 4.9% year-on-year in October vs. 5.2% forecast

He Australia’s Consumer Price Index (CPI) moderated to 4.9% year-on-year in October, compared to the 5.6% annual increase recorded in September, the Australian Bureau of Statistics reported on Wednesday.

The data improves market expectations, since an increase of 5.2% was expected in the reported period.

Market reaction

At the time of writing, the AUD/USD pair is down 0.05% on the day, settling at 0.6641.

About the Australian CPI

The monthly Consumer Price Index (CPI), published monthly by the Australian Bureau of Statistics, measures changes in the price of a fixed basket of goods and services purchased by household consumers. The indicator was developed to provide inflation data at a higher frequency than the quarterly CPI. The interannual indicator compares the prices of the reference month with those of the same month of the previous year. A high reading is considered bullish for the Australian Dollar (AUD), while a low reading is considered bearish.

Source: Fx Street

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