Australia monthly inflation gauge ticked up in July

The Australian consumer inflation gauge, released last week by the Melbourne Institute, showed an increase to 2.7% y/y in July, from 2.7% before. The core measure, trimmed mean came-in at 0.1% m/m and 2.3% y/y vs. previous figure of 0.2% m/m and 1.9% y/y.

The data comes a week after the official figures showed Australian inflation was more muted than expected in the second quarter, due to weak wages, lower fuel costs and a surprise drop in fruit prices.