The ANZ Monthly Inflation Gauge was up 0.3% m/m in August, supported by transport, accommodation services, and housing-related components. Annual inflation in the Gauge ticked up to 2.9%, suggesting that recent strength in domestic non-tradable inflation is holding up and implying some upside risk to our near-term inflation forecast.
The ANZ Monthly Inflation Gauge was up 0.2% m/m in May, on top of a 0.1% (upwardly revised) increase in April. Price increases for electricity, rents, and domestic airfares provided a boost to domestic prices in May. Annual inflation in the Gauge ticked up to 2.7% from 2.6%.
The ANZ Monthly Inflation Gauge was flat m/m in April, after a solid rise in the first quarter. Under the surface, price moves in a few key components broadly cancelled out. Housing-related prices continue to be important drivers of domestic inflation, with rents and purchase of housing making the largest positive contributions for the month. Annual inflation in the Gauge ticked up to 2.5%.
The ANZ Monthly Inflation Gauge decreased 0.1% m/m in March, taking the quarterly increase to 1.1% for Q1. The strong quarterly print was supported by regulated tobacco price increases, stronger housing-related costs, and higher domestic airfares. Annual inflation increased to 2.4% from 2.2%.
The ANZ Monthly Inflation Gauge increased 0.1% m/m in February, after a strong rise in January.1 Underlying this, price moves in a few key components broadly cancelled out. Volatility in domestic airfares continues to boost the Gauge, with quarterly inflation nudging a little higher. Annual inflation is steady at 2.2%.
The ANZ Monthly Inflation Gauge increased 1.1% m/m in January. But the large monthly rise masks underlying details that are far less dramatic. The overall picture remains one of a slow grind higher in non-tradable inflation.
The ANZ Monthly Inflation Gauge fell 0.1% m/m in December. Housing-related price pressures are trucking along, but were not strong enough to offset a large, unexpected fall in domestic air travel prices in the month. This brings the December quarter signal for non-tradable inflation to 0.7% q/q, with annual growth easing from 2.4% to 2.3%.