Australian consumer inflation accelerated to a six-month high in May, while a key measure of core prices rose for a fourth month, figures that caught traders off-guard and prompted markets to raise the chances of another interest rate hike this year.
Data from the Australian Bureau of Statistics today showed its monthly consumer price index rose at an annual pace of 4% in May, up from 3.6% in April and well above market forecasts of 3.8%.
This was up from a non-existent probability before the data, with a move likely in August depending on the outcome of the full second-quarter CPI report. George Tharenou, chief economist at UBS, expects the second quarter CPI to come in at a quarterly rate of 1.1%, above the RBA's own forecasts. The central bank will have the luxury of waiting for the quarterly report due at the end of July to decide on its next policy move.
Business Inflation Reserve Bank Of Australia Australian Bureau Of Statistics Australian Inflation
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