Australia’s Q2 Consumer Price Index data has just been released.
- Australia Q2 RBA trimmed-mean CPI -0.1 pct q/q (Reuters poll +0.1 pct).
- Australia Q2 CPI (all groups) -1.9 pct QoQ (Reuters poll -2.0 pct).
- Australia Q2 RBA weighted median CPI +0.1 pct QoQ (Reuters poll +0.1 pct).
- Australia Q2 RBA trimmed mean CPI +1.2 pct YoY (Reuters poll +1.4 pct).
- Australia Q2 CPI (all groups) -0.3 pct YoY(Reuters poll -0.4 pct).
- Australia Q2 RBA weighted median CPI+1.3 pct YoY (Reuters poll +1.2 pct).
- Australia Q2 RBA weighted median CPI+1.3 pct YoY(Reuters poll +1.2 pct).
AUD/USD implications
Given the extreme condition of the economy in Q2, the RBA is unlikely to place much weight on this data, analysts at Westpac argued.
Description of the Consumer Price Index
The Consumer Price Index released by the RBA and republished by the Australian Bureau of Statistics is a measure of price movements by the comparison between the retail prices of a representative shopping basket of goods and services. The trimmed mean is calculated as the weighted mean of the central 70% of the quarterly price change distribution of all CPI components, with the annual rates based on compounded quarterly calculations.
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