Australian inflation data for October 2025.

Headline inflation is hotter than expected at 0% m/m vs. -0.2% expected

• and 3.8% y/y vs. 3.6% expected and an RBA target band of 2-3%

Core inflation is ugly, Trimmed mean 3.3% y/y

You can forget about rate cuts from the Reserve Bank of Australia with data like this.

more to come

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The monthly data has now taken on the role as the official inflation rate, replacing the quarterly release.

From the Australian Bureau of Statistics:

• the complete Monthly CPI as Australia’s primary measure of headline inflation
• ‘The complete Monthly CPI will enable earlier detection of shifts in inflation and provide better information for policy decisions that affect all Australians.’
• complete Monthly CPI release will include monthly seasonally adjusted and Trimmed mean indexes alongside comprehensive breakdowns of inflation data

more to come