SCOREBOARD: Fine print

The true momentum of underlying inflation is unclear, but this week's CPI print is make-or-break for a rate cut.

In a holiday-shortened week due to Australia Day on Thursday, the consumer price index is the big release for Australia (Wednesday 1130 AEDT). I suspect it’ll either make or break the case for a rate cut at the February 7 meeting, so it’s going to be interesting.

Recall that the third-quarter CPI print – well, the core CPI print – was surprisingly low at 0.3 per cent quarter-on-quarter, following two very high prints of around 0.9 per cent. At face value, that’s a great development.

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