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Monthly inflation falls to 6.9% - will cash rate increases slow?
au.investing.com/analysis/monthly-inflation-falls-to-69--will-cash-rate-increases-slow-200537731
Monthly inflation falls to 6.9% - will cash rate increases slow?
By Jacob Cocciolone | Nov 30, 2022 15:22 Monthly inflation figures published by the ABS have revealed inflation has tapered from the highs of the September quarter, falling to 6.9% in October.
This is the second print of monthly inflation data by the ABS for 2022, with the initial revealing a similar result - slowing inflation following a quarterly print.
Key Points
- Monthly inflation falls from September quarter highs of 7.3% to 6.9% in October.
- New dwellings recorded largest annual increase of 20.4%.
- RBA still expected to hike cash rate by 25 basis points (0.25%) next week.
Major bank economists from CommBank, ANZ and NAB had all anticipated a rise in the annual pace of inflation based on monthly results, to report a print between 7.6% and 7.7%.
The ABS revealed new dwellings were the key contributor to October’s 6.9% annual figure, up 20.4%, alongside automotive fuel, up 11.8% and fruit and vegetables, up 9.4%.
Despite being a key contributor, fruit and vegetables experienced one of the largest falls in inflation from September to October, declining from 17.4% to 9.4%.
The monthly inflation rate of 6.9% annually, down from the 7.3% in the September quarter, falls below Federal Budget forecasts of 7.75% and the RBA's forecast of 8.0% by the end of the year.
"Monthly inflation falls to 6.9% - will cash rate increases slow?" was originally published on Savings.com.au and was republished with permission
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Monthly inflation falls to 6.9% - will cash rate increases slow?
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