Australia's inflation rates for the first quarter of 2024 have exceeded expectations, with the Consumer Price Index (CPI) rising by 3.5% year-on-year in March, according to the Australian Bureau of Statistics. The Quarterly CPI for all groups saw a 3.6% increase year-on-year and a 1% increase quarter-on-quarter, surpassing poll predictions. Additionally, the Reserve Bank of Australia's (RBA) weighted median CPI and trimmed mean CPI also rose significantly, with increases of 4.4% and 4% respectively, both exceeding expectations, and the weighted median CPI increased by 1.1% quarter-on-quarter. These inflation figures suggest a dampening of hopes for interest rate cuts later in the year, reinforcing the likelihood of maintaining the current 12-year high interest rates.
The annual rate of inflation in the March quarter has dropped to 3.6 per cent. https://t.co/tV8JyflmXc
Inflation has come in higher than expected during the March quarter, dampening expectations of interest rate cuts by the later in the year. #BreakingNews https://t.co/Az8qkEJzuh
Australia’s inflation came in faster than expected in the first three months of 2024, reinforcing the case for the RBA to hold interest rates at a 12-year high https://t.co/Vij15KD5yX
🇦🇺 Monthly CPI Indicator (Mar) Actual: 3.5% Expected: 3.4% Previous: 3.4% https://t.co/GSyW8xpBwO
AUSTRALIA G1 RBA WEIGHTED MEDIAN CPI UP 4.4% YEAR ON YEAR, EXCEEDING POLL EXPECTATIONS BY 0.3%
AUSTRALIA Q1 CPI (ALL GROUPS) SEES 3.6% YEAR ON YEAR, EXCEEDING POLL EXPECTATIONS
AUSTRALIA SEES Q1 CPI (ALL GROUPS) INCREASE BY 1% Q/@: POLL
AUSTRALIA Q1 RBA TRIMMED MEAN CPI UP 4% YEAR ON YEAR
AUSTRALIA CPI RISES 3.5% YEAR ON YEAR IN MARCH: ABS
AUSTRALIA G1 RBA WEIGHTED MEDIAN CPI UP 1.1% QUARTER ON QUARTER ACCORDING TO SOURCE POLL
Heads Up:🇦🇺 Monthly CPI Indicator (Mar) due at 01:30 GMT (15min) Expected: 3.4% Previous: 3.4% https://t.co/GSyW8xpBwO