Australia Q1 RBA trimmed mean CPI +0.5 pct QoQ vs poll +0.4 pct

Australia's March-quarter Consumer Price Index (CPI) figures, including two of the several underlying measures that the central bank looks at, released by the Australian Bureau of Statistics on Wednesday is out – Australia Q1 trimmed-mean CPI has arrived at +0.5 pct QoQ vs the Reuters poll of +0.4 pct.

Key notes

• Australia Q1 CPI (all groups) +0.3 pct  QoQ (Reuters poll +0.2 pct).
• Australia Q1 RBA weighted median cpi +0.5 pct QoQ (Reuters poll +0.4 pct).
• Australia Q1 RBA trimmed mean cpi +1.8 pct YoY (Reuters poll +1.6 pct).
• Australia Q1 CPI (all groups) +2.2 pct YoY (Reuters poll +2.0 pct).
• Australia Q1 RBA weighted median CPI +1.7 pct YoY (Reuters poll +1.5 pct).

AUD/USD has climbed to fresh highs on the data: AUD/USD refreshes seven-week top above 0.6500 after Aussie CPI

• Australian RBA's Inflation: Does it really matter?

Australian inflation was foreseen well below the RBA’s target in Q1. RBA Trimmed Mean CPI was seen at 0.4% QoQ and 1.6% YoY, matching the previous figures. AUD/USD bullishness will continue to depend on the market’s sentiment.

Description of CPI

The Consumer Price Index released by the RBA and republished by the Australian Bureau of Statistics is a measure of price movements by the comparison between the retail prices of a representative shopping basket of goods and services . The purchase power of AUD is dragged down by inflation. The CPI is a key indicator to measure inflation and changes in purchasing trends. A high reading is seen as positive (or bullish) for the AUD, while a low reading is seen as negative (or Bearish).

Meanwhile,