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As already reported, Australia’s Consumer Price Index (CPI) came in hot at 1.3% in the December quarter – smashing market expectations of a 1.0% rise:
Annual CPI rose to 3.5%, smashing expectations of a 3.0% rise:
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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 Clothing & footwear and housing (new dwellings):
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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.