Australia's Q2 Inflation Eases to 0.8%, Still Above Target

Australia's trimmed mean consumer price index (CPI) rose by 0.8% in Q2 2024 compared to the previous quarter, falling short of market expectations of a 1% increase.

The quarterly figure represents a moderation from the 1.0% rise recorded in the first quarter of 2024 and is a key signal for the Reserve Bank of Australia (RBA) as it assesses the trajectory of underlying inflation.

On an annual basis, the trimmed mean CPI increased by 3.9%, down from 4.0% in the previous quarter, according to data released by the Australian Bureau of Statistics.

The result suggests that while price pressures are easing, they remain above the central bank's target band of 2-3%.