**As seen in Risk In The Week report 01/26/24, subscribe at cablefxm.co.uk/reports
Australian quarterly consumer prices rebounded in Q3, the rate came in at 1.2% Q/q and was above the consensus median of 1.1%, and annual prices topped expectations at 5.4%. The trimmed mean measure accelerated by 1.2% Q/q, this was above the survey of 1.0%. Monthly indicators show a slower pace into Q4, the November headline print eased to 4.3% Y/y, the lowest level since February 2022. Core prices have also seen a downward trend in 2023, the latest monthly reading printed at 4.5% Y/y.
Strategists at NAB penciled in Q4 prices rising at 0.7% Q/q for the headline and at 0.8% for the trimmed mean, this amounts to an annual rate of 4.2% Y/y in the trimmed mean. NAB noted that their projection is below both the RBA's and the consensus, their measure is justified by price subsidies and a greater-than-expected good disinflation. NAB expects the RBA to stay on hold during the February meeting as consumer demand data is seen softening ahead.
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