Australia April CPI Update

Australia's April CPI rose 4.2% y/y, lower than the 4.4% expected, leading RBC to delay its forecast for the final RBA rate hike from June to August.

Key Takeaways

• 1.April Headline CPI came in at 4.2% y/y, missing the consensus forecast of 4.4%.
• 2.RBC has shifted its forecast for the final RBA rate hike from June to August 2026.
• 3.Trimmed mean inflation (underlying inflation) rose to 3.4% y/y, which was in line with consensus.

Table of Contents

• Inflation picked up slightly less than expected in April
• Shifting our last hike from June to August
• Trimmed mean CPI higher, but not worryingly so
• No real signs of alarm amongst analytical measures

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