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The ABS data for inflation in the third quarter shows the headline CPI number edged slightly higher by 0.7% q/q for a year on year increase of 1.3% (up from 1% in June). However, the two core inflation measures preferred by the RBA (trimmed mean and weighted median) were up just 0.4% and 0.3% q/q respectively for an average year on year increase of just 1.5% (down from +1.6% in the previous quarter).
The numbers were broadly in line with market and RBA expectations and are therefore unlikely to provide and further pressure for additional interest rate cuts. As a result the A$ rallied slightly after the release from US$0.765 to US$0.77.
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