Australian EconomyAustralian interest rates

Aussie Q3 CPI won’t spook RBA

Leith van Onselen
Wednesday, 27 October 2021
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Australia’s Consumer Price Index (CPI) came in at 0.8% in the September quarter – in line with market expectations of a 0.8% rise:

Annual CPI retraced to 3.0%, missing expectations of a 3.1% rise. This was down on the June quarter’s 3.8% CPI increase, which was driven by the ‘base effect’ (since CPI fell by 3.7% in the corresponding Q2 quarter of 2020):

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Looking at the major components, you can see that the rise in quarterly inflation was driven by Transport (petrol prices) followed by Housing (new dwellings) and household furnishings:

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About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness. Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.