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Rabobank analysts note that the Australia’s Q2 CPI came in 0.6% q/q, a tick higher than expected, and 1.6% y/y, also a tick higher.

Key Quotes

“Trimmed mean was 0.4% and 1.6%, again a tick higher; and weighted median was 0.4% and 1.2%. For the RBA this is likely to mean less argument to cut in August: but that’s assuming they even look at these data and not house prices! Meanwhile, private sector credit rose just 0.1%, the same as a revised May figure. That is not what the RBA want to see.”