Critical data from the Australia Q1 CPI Consumer Price Indexwhich have exceeded expectations.
Data is key because the australian central bank has abandoned its patient stance and announced that monetary policy will depend on the data.
Quarterly Australian inflation was expected to exceed the upper end of the RBA’s target.
The data is:
- Quarter-on-quarter CPI consumer price index in the first quarter: +2.1%, up from 1.3% previously and above 1.7% expected
- Consumer Price Index YoY CPI in the first quarter: +5.6%, up from 6.5% previously and above 4.6% expected
- Q1 Q1 RBA Filtered Average CPI Index: +1.4%, up from the previous 1.0% and above the 1.2% expected
- Q1 RBA Filtered Average CPI Index YoY: +3.7%, up from 2.6% previously and above 3.4% expected
About the CPI
The quarterly Consumer Price Index (CPI) released by the Australian Bureau of Statistics (ABS) has a significant impact on the market and valuation of the AUD. The Reserve Bank of Australia (RBA) is keeping a close eye on the gauge to meet its inflation mandate, which has important implications for monetary policy. Rising consumer prices tend to be bullish for the AUD as the RBA could raise interest rates to maintain its inflation target. The data is released nearly 25 days after the quarter ends.
Source: Fx Street
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