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- Australia: Encouraging monthly CPI and construction activity data – ANZ
Australia: Encouraging monthly CPI and construction activity data – ANZ
Analysts at Australia and New Zealand Banking Group (ANZ) express their view on a batch of Australian economic data released earlier this Wednesday.
Key quotes
“The monthly Consumer Price Index (CPI) indicator for July 2023 was below the market and our expectation of 4.9% y/y, which is an encouraging development ahead of Q3 CPI. While electricity prices jumped in July (6.0% m/m including rebate impacts) and rents continued to accelerate, the annual increase in overall housing costs was broadly stable (7.3% y/y in July vs 7.4% in June).“
“Total construction work done rose 0.4% q/q, relatively close to our expectation of a 0.2% q/q increase.”
“In short, growth in construction work done waned in the June quarter, albeit after a stronger March quarter result.”
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