Data from the Australian Bureau of Statistics today showed its monthly consumer price index rose at an annual pace of 4% in May, up from 3.6% in April and well above market forecasts of 3.8%.
This was up from a non-existent probability before the data, with a move likely in August depending on the outcome of the full second-quarter CPI report. George Tharenou, chief economist at UBS, expects the second quarter CPI to come in at a quarterly rate of 1.1%, above the RBA's own forecasts. The central bank will have the luxury of waiting for the quarterly report due at the end of July to decide on its next policy move.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more: