The ABS with the December QTR inflation numbers. To the moon.
The Consumer Price Index (CPI) rose 1.9% this quarter.
Over the twelve months to the December 2022 quarter, the CPI rose 7.8%.
The most significant price rises were Domestic holiday travel and accommodation (+13.3%), Electricity (+8.6%), International holiday travel and accommodation (+7.6%) and New dwelling purchase by owner occupiers (+1.7%).
It’s still very goods oriented which is all going to crash in the near future.
However, December monthly numbers were less reassuring with some services going nuts:
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Forward-looking indicators show much better outcomes but this release will spook the backward-looking RBA.
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal.
He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.
