(27 Jun 2024, 09:14)

Economic Buzz: Australia's Inflation Expectations Rise to 4.4% in June

Consumer inflation expectations in Australia increased to 4.4% in June 2024 from May's 2.5-year low of 4.1%, driven by high service costs. Despite federal and state energy rebates temporarily lowering headline inflation, the Reserve Bank noted that inflation remains outside its 2-3% target range. The board expects inflation to return within target by H2 of 2025 and reach the midpoint in 2026. Policymakers warned that reducing inflation will be challenging due to economic uncertainties. Australia's headline inflation was 3.6% in Q1 2024, the lowest in nine quarters, but the May CPI index rose to 4.0% yoy, the highest since late 2023. The economy grew 0.2% qoq in Q4, the slowest in five quarters.

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Economic Buzz: Australia's Inflation Expectations Rise to 4.4% in June