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Consumer inflation expectations in Australia improved during the month of October, for the first time in three months, signaling that central bank policies were finally translating into faster price growth.
Australia Melbourne Institute’s 12-month gauge of inflation expectations rose to 3.7 percent in October, from 3.3 percent the previous month, registering the highest level since July. Last week, the Melbourne Institute said consumer inflation rose 0.4 percent in September and was up 1.3 percent on an annualized basis.
The Australian government publishes official CPI figures every quarter, leaving a significant gap in the reporting of high profile CPI data. While a good amount of speculation has emerged that the Reserve Bank of Australia (RBA) may cut interest rates again, Australian Treasurer Scott Morrison is emphatically opposed to looser monetary policy.
In a recent interview with the Australian Financial Review, Morrison told that monetary policy has "exhausted its effectiveness," adding that its "ability to impact and influence is diminishing".
Meanwhile, central bank officials voted against easing monetary policy October 4, opting instead to await new evidence of inflation and economic growth.
