Breaking: Australian CPI rises 5.6% YoY in May vs. 6.1% expected

FXStreet Team FXStreet

The latest data published by the Australian Bureau of Statistics (ABS) showed on Wednesday, Australia’s monthly Consumer Price Index (CPI) rose 5.6% in the year to May 2023, compared with April’s annual increase of 6.8%. The market consensus was for an acceleration of 6.1% in the reported period.

Key takeaways

“The most significant price rises were Housing (+8.4%), Food and non-alcoholic beverages (+7.9%) and Furnishings, household equipment and services group (+6.0%).”

“Offsetting the rise was Automotive fuel (-8.0%).”

Market reaction

The sell-off in the AUD/USD pair gathered pace on much softer-than-expected Australian CPI data. The pair is losing 0.84% on the day to trade at 0.6630, as of writing.

15-minutes chart

Author

FXStreet Team

FXStreet

Composed of a group of economic journalists and FX experts, the FXStreet content team produces and oversees all content published on FXStreet. It provides a purely journalistic approach to the Forex market.

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