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Dec quarter inflation came in this morning pretty much as people were expecting…that is, weak. CPI rose just 0.5% for the quarter which sees the annual rate drop to 1.8% (from 1.9% previously). The more closely watched measures (at least by the RBA) of core inflation, the trimmed mean and weighted median, rose 0.4% for the quarter and were up an average of 1.75% for the year (down slightly from 1.8% in Sept and in-line with RBA expectations, but still well below their target range).
The net result would appear to be little chance that this release will sway the RBA into changing their stance of “steady as she goes” with rates at their meeting next week.
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