TD Securities monthly inflation jumped in August. From Bloomie:
Consumer prices increased 0.6 percent last month from July, when they gained 0.2 percent, an index compiled by TD Securities Inc. and the Melbourne Institute released in Sydney today showed. From a year earlier, prices advanced 2.2 percent, within the central bank’s 2 percent to 3 percent target range for the first time since February, according to the report.The data showed little impact in August from the July 1 introduction of the government’s tax on carbon emissions as utility prices were unchanged after a July increase.Today’s report showed fruit and vegetable prices rose by 7.2 percent and automotive fuel increased by 7.7 percent. Alcohol and tobacco costs also advanced, while footwear, holiday travel and accommodation costs fell, it showed.
The charts. Monthly:
Yearly:
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So, one tradeable (oil) and one non. Seems most of the price correction is behind us for now but with income weakness coming down the pipe this is nothing to worry about. As Wsetpac puts it:
The primary drivers of price growth in August were fruit and vegetables (+7.2%), automotive fuel (7.7%) and alcohol and tobacco. As such, excluding volatile items, the TD–MI gauge rose by a subdued 0.16% in August.
