Australian official inflation data is due today - preview and implications for the RBA

I posted earlier on the Australian inflation data due today here:

• Economic calendar in Asia Wednesday, 24 April 2024 - Australian inflation data

Via Commonwealth Bank of Australia, key points from their preview:

• We expect headline CPI rose by 0.7%/qtr and trimmed me an CPI increased by 0.8%/qtr. That should see the annual rates for both head lower (3.4% and 3.7% respectively) , and closer to the RBA’s 2 - 3% inflation target. While still too high, the pace of disinflation will give the RBA more confidence that the next move in rates will be down.

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The Reserve Bank of Australia next meet on May 6 and 7. The data today will feed into fresh RBA forecasts to be included in the May Statement on Monetary Policy (due May 7).

The RBA will leave the cash rate on hold at this meeting.