The overpaid, underqualified, and incoherent RBA has done it again according to Goldman.
Year-ended growth in the ABS monthly trimmed-mean CPI eased 40bps to 2.4%yoyin May, while the Melbourne Institute’s more timely trimmed-mean gauge eased10bps to 1.2%yoy in June.
The MI gauge is more volatile than ABS but is pretty good in trend terms. It indicates the ABS measure of core inflation is already below the RBA’s target band.
