Overview

• ABS data show the monthly CPI rose to 2.8% year on year in July from 1.9% in June, with the trimmed mean climbing to 2.7% from 2.1%.
• Electricity prices jumped about 13% after NSW and ACT households missed federal rebates in July, with payments scheduled for August and annual price reviews also taking effect.
• Markets pushed back expectations of an immediate RBA cut as the Australian dollar firmed above 65 US cents, three‑year bond futures fell, and the ASX 200 slipped modestly.
• The RBA places greater weight on quarterly inflation and has signalled data‑dependence after cutting rates earlier this month, so policymakers are likely to wait for more readings before adjusting policy.
• Rents rose 3.9% over the year, the slowest since late 2022, while coffee, tea and cocoa prices surged about 14.4% and holiday travel costs increased in July.