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Economic Statistics: Aussie CPI lower, odds for rate cut rise

Posted by Akhilesh Ganti on Apr 23, 2013 9:35:00 PM

Australia CPI 1Q13

Australian CPI for the first quarter of 2013 came in at +0.4% which was lower than market consensus of +0.7%. Australian dollar, which was trading at 1.0273 before the release, falls to a low of $1.0236 immediately. With inflation apparently not an issue, the market is pricing in a 48% chance of another rate cut from the RBA when they meet on May 07, 2013.

{Chart:Bloomberg}(click to enlarge

Main points: (from Bloomberg)

  • 1Q consumer prices rose 0.4% vs qtr ago; est. 0.7% gain

  • 1Q weighted median CPI rose 0.5% vs qtr ago; est. 0.5% gain

  • 1Q trimmed mean CPI rose 2.2% vs yr ago; est. 2.4% gain

  • 1Q consumer prices rose 2.5% vs yr earlier; est. 2.8% gain

  • 1Q weighted median CPI rose 2.6% vs yr ago; est. 2.4% gain

  • 1Q seasonally adjusted CPI rose 0.1% vs qtr ago

  • 1Q seasonally adjusted CPI rose 2.5% vs yr ago

 

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