Australian 2Q CPI to Set Stage for August Rate Hike
Dow Jones
Jul 29
Australia's 2Q CPI at 0130 GMT is in focus, with any hint of stubborn inflation pressures likely to quickly revive talk of a fourth interest rate increase from the Reserve Bank of Australia this year in August. RBA Governor Michele Bullock left a further increase on the table at a speech on Tuesday, but also said she thought the economy was cooling. Still, the underlying message was that inflation remains too high, and global forces are again working against the desires of the RBA. Economists expect headline inflation of around 4.0% on-year and core inflation to come in closer to 3.7%. Both outcomes would be well above the RBA's target.
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