Australia’s monthly Consumer Price Index (CPI) eased to 4.9% in the year to October 2023, as against the annual increase of 5.6% seen in September, the Australian Bureau of Statistics reported on Wednesday.
The market had expected an increase of 5.2% in the reported period.
Market reaction
At the time of press, the AUD/USD pair was down 0.05% on the day at 0.6641.
About Australian CPI
The Monthly Consumer Price Index (CPI), released by the Australian Bureau of Statistics on a monthly basis, measures the changes in the price of a fixed basket of goods and services acquired by household consumers. The indicator was developed to provide inflation data at a higher frequency than the quarterly CPI. The YoY reading compares prices in the reference month to the same month a year earlier. A high reading is seen as bullish for the Australian Dollar (AUD), while a low reading is seen as bearish.
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