Yesterday (June 25th, 2024), the Australian Bureau of Statistics (ABS) released the latest Consumer Price Index (CPI) data, showing a rise in year-on-year (YoY) inflation.
Here’s a quick breakdown:
- YoY CPI: 3.6% ([ABS Consumer Price Index])
- Previous YoY CPI: 4.1% ([ABS Consumer Price Index])
- Forecast YoY CPI: 3.4% ([Investing.com Australia Consumer Price Index])
Key takeaways:
- While inflation remains above the Reserve Bank of Australia’s (RBA) target range of 2-3%, it’s a welcome sign that the rate of price increases is slowing down compared to the previous quarter (March 2024: 3.6%).
- This could influence the RBA’s decision on future interest rates.
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