Overview

• Annual trimmed mean inflation rose to 2.7% in July from 2.1% in June, and the monthly CPI increased 0.9% from June.
• Electricity prices surged 13% as NSW and ACT households missed federal rebates in July, with payments due in August and annual price reviews also lifting costs.
• Housing rose 3.6% over the year, alcohol and tobacco climbed 6.5%, and coffee, tea and cocoa were up 14.4%, while rents rose 3.9% for the slowest annual gain since late 2022.
• Markets pared the chance of a September cut and still lean toward November; the Australian dollar moved back above 65 US cents, three‑year bond futures fell, and the ASX 200 slipped 0.3%.
• The RBA, which lowered the cash rate to 3.60% earlier this month, reiterated a data‑dependent approach as the ABS noted its monthly CPI is goods‑heavy and will be broadened by November, with policymakers expected to look to the full September‑quarter figures.