TD Securities/Melbourne Institute (MI) Inflation Gauge for July, 0.2% month on month and 2.6% year on year. The trimmed mean came in at 0.4% month on month and 2.6% year on year. Last month was 3%.
From the SMH blog:
Ongoing caution from RBA in recent weeks speak to us that the Board can pause for another month and assess the improving global economic outlook as well as more mixed data news closer to home,” said Annette Beacher, TD’s head of Asia-Pacific research.
Monday’s survey showed seasonal price rises for electricity, gas and other household fuels, property rates and charges. These were partly offset by falls in water and sewerage, clothing and footwear, and alcohol and tobacco.
Various measures of underlying inflation also moderated in July. Annual growth in the trimmed mean fell back to 2.6 percent, from 3.0 percent, while inflation excluding fuel, fruit and vegetables slowed sharply to 1.9 per cent.
Prices for tradable goods and services fell by 0.2 per cent in the month to drag the annual pace down to 2.3 per cent. Even the non-tradables sector, where inflation has been stubbornly high, saw some improvement with prices up 2.8 per cent for the year compared with 3.3 percent in June.
And some charts:
Definitely a moderating pulse there.
