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Australia’s CPI indicator increased 3.5% year-on-year in July, down from 3.8% in June, but was slightly above market expectations of 3.4%, reinforcing a hawkish outlook on Reserve Bank of Australia monetary policy. It was the lowest figure since March, reflecting the extended and expanded Energy Bill Relief Fund rebate. Excluding volatile items and travel, consumer prices climbed 3.7% in July, the least since January 2022. Inflation remains outside the RBA’s 2-3% target range. The S&P/ASX 200 Index fell 0.4% to around 8,040 on Wednesday, sliding for the second straight session, following the hotter-than-expected monthly CPI indicator.
ETFs: (EWA), (FXA), (FLAU).
