Privately surveyed monthly inflation rates for Australia are provided by the Melbourne Institute of Applied Economic and Social Studies, University of Melbourne.
- The headline inflation rate rose 1% month-on-month in December, up from 0.3% in November.
- This was the biggest increase in the past 17 months.
- Compared to the same month last year, December’s sales were 5.2%, significantly exceeding the 4.4% recorded in November.
Before the Australian Bureau of Statistics launched its monthly inflation survey, this from the Melbourne Institute was the only guidance on monthly inflation. This is, and still is, highly regarded research.
This is completely different from the latest information on ABS, but this is from November, not December.
ABS will release its December results on January 31st, but the focus will be on quarterly data released on the same day.
The RBA is concerned that Australia’s inflation rate remains high and above its target range of 2-3%. This data appears to further strengthen that concern.
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In other data, Australian ANZ job ads were +0.1% month-on-month in December.
- Previous -5.1%
- This is a 17.5% decrease from the peak in November 2022.