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In April, Australia’s monthly inflation rate rose to 3.6% year-on-year, up from 3.5% in March. This surpassed market predictions of a drop to 3.4% and marked the highest rate since November.
The monthly CPI indicator, excluding unstable items and travel, increased by 4.1% in April, mirroring the rate of increase in March. Inflation continues to exceed the RBA’s target range of 2-3%.
There is a prevalent belief in the markets that the Reserve Bank of Australia will maintain high rates for a longer duration, with a rate reduction not fully factored in until May of the next year.
In other data, total construction work completed in Australia decreased by 2.9% quarter-on-quarter to A$64,032.5 million in the three months leading up to March 2024. This is a reverse from the upward revised 1.8% increase in the previous quarter and contradicts market predictions of a 0.5% rise. This is the steepest drop since the second quarter of 2019.
The Westpac-Melbourne Institute Leading Economic Index in Australia remained unchanged in April 2024, following a 0.1% decline in March. However, the six-month annualized growth rate in the index, which suggests the likely speed of economic activity compared to the trend three to nine months ahead, improved to -0.01% in April from -0.08% in the previous month.
The S&P/ASX 200 Index fell by 1.3% to close at 7,666 on Wednesday, reaching its lowest point in three weeks as investors processed the stronger-than-anticipated domestic inflation data.
ETFs: (EWA), (FXA), (FLAU).
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