July 31st 2024.
Australia's latest inflation figures have just been released, and it looks like they're right in line with what analysts were expecting. The consumer price index, which is a key measure of inflation, rose by 1.0 per cent in the second quarter of 2024, bringing the annual inflation rate to 3.8 per cent. This is a slight increase from the previous quarter, but it's still within the range that was predicted by experts.
This news may come as a relief to the Reserve Bank of Australia, as it gives them more flexibility when it comes to setting interest rates. With inflation staying within a manageable range, there may be less pressure for the RBA to raise rates at their upcoming meeting next week. Currently, interest rates are at 4.35 per cent, and it seems likely that they will remain at this level for the time being.
The latest data was released by the Australian Bureau of Statistics, and according to their head of prices statistics, Michelle Marquardt, this is the first time in almost two years that the annual inflation rate has risen. She noted that the 1.0 per cent increase in the second quarter is consistent with the previous quarter, and the 3.8 per cent annual rate is a slight uptick from the previous quarter's 3.6 per cent. This marks the first time that the annual CPI inflation has increased since the end of 2022.
It's worth noting that these numbers may not tell the whole story, as there could be potential changes on the horizon for the workforce at Rex, an Australian airline. Rumors of job losses have been swirling, and it's possible that this could have an impact on the economy in the coming months. We will have to wait and see how things unfold. Stay tuned for more updates as they become available.
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