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The Australian Consumer Price Index, (CPI) data was released earlier today with the figures coming out higher than expected. The CPI provides important information about the change in the price of goods and services purchased by consumers, by measuring household inflation and includes statistics about price change for categories of household expenditure. Therefore, the figure can often have a large impact on the direction of the Equity and FX markets.
The CPI increased by 1.8% in the third quarter of 2022, an increase of 0.2% from the expected figure. Similarly, the trimmed mean CPI rose by 1.8% for the quarter, which was 0.3% higher than the expected figure. The market reaction was somewhat tempered with some movement in the ASX200 and AUD although not a massive shift on the back of the unexpected figures.
The price of the AUDUSD initially spiked up on the news before settling and has continued pushing up.
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