Australia’s consumer price index fell to 3.6% in the first quarter from 4.1% in the previous quarter, slowing for the fifth straight quarter but coming in above forecasts of 3.4%.
Australia’s monthly CPI indicator also accelerated to 3.5% in March from 3.4% in
February, which was the lowest since November 2021 and above expectations of 3.4%.
The monthly CPI indicator excluding volatile items and travel climbed by 4.1% in March, up from a 3.9% gain in February. Inflation remains outside the RBA’s target range of 2-3%. In the meantime, the RBA’s Trimmed Mean CPI increased by 4.0% yoy, the softest rise in two years, but remains outside the central bank’s target range of 2-3%.
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