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TD Securities analysts note that the Australia’s headline CPI gained 0.6% q/q in Q2, in line with TD’s expectations but a tenth higher than market estimates.

Key Quotes

“The Trimmed Mean and Weighted Median both accelerated to 0.4% q/q, in line with expectations, but continued to keep the y/y measure running below the RBA’s target band. The main driver for inflation in Q2 was the fuel component as  automotive fuel rose 10.2%. Medical and hospital services (+2.6 per cent), international holiday travel and accommodation (+2.7 per cent) and tobacco (+2.4 per cent). On an annual basis, CPI rose 1.6%.”