Inflation falls to lowest levels in 17 months
The news comes ahead of the RBA Board meeting on interest rates next Tuesday
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Further interest rate hikes may well be at an end with news that the inflation rate has fallen to its lowest levels in 17 months.
New data from the Australian Bureau of Statistics released today shows the consumer price index (CPI) for July came in at 4.9 percent seasonally adjusted, down from 5.4 percent in June. Markets had widely forecast a CPI of 5.2 percent.
Housing accounted for the most significant rise, up 7.3 percent, followed by food and non-alcoholic beverages, which increased by 5.6 percent. At the other end of the spectrum, the price of automotive fuel fell by -7.6 percent.
While the fall in the rate of inflation rate is good news for borrowers as the RBA approaches its monthly board meeting next week, there was further news for the property market, with the price of new dwellings rising by 5.9 percent, the lowest annual rise since October 2021.
However, rental demand remains strong, with rent prices up 7.6 percent in the 12 months to July 2023.
The RBA expects inflation to reach a more manageable 2-3 percent range by mid 2025.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
Employment grew for the 16th consecutive month as companies expanded.
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According to a recent PMI report, Qatar experienced its fastest non-energy sector growth in almost two years in June, driven by surges in both existing and new business activities.
The Purchasing Managers’ Index (PMI) headline figure for Qatar reached 55.9 in June, up from 53.6 in May, with anything above 50.0 indicating growth in business activity. Employment also grew for the 16th month in a row, and the country’s 12-month outlook remained robust.
The inflationary pressures were muted, with input prices rising only slightly since May, while prices charged for goods and services fell, according to the Qatar Financial Centre (QFC) report.
This headline figure marked the strongest improvement in business conditions in the non-energy private sector since July 2022 and was above the long-term trend.
The report noted that new incoming work expanded at the fastest rate in 13 months, with significant growth in manufacturing and construction and sharp growth in other sectors. Despite the rising demand for goods and services, companies managed to further reduce the volume of outstanding work in June.
Companies attributed positive forecasts to new branch openings, acquiring new customers, and marketing campaigns. Prices for goods and services fell for the sixth time in the past eight months as firms offered discounts to boost competitiveness and attract new customers.
Qatari financial services companies also recorded further strengthening in growth, with the Financial Services Business Activity and New Business Indexes reaching 13- and nine-month highs of 61.1 and 59.2, respectively. These levels were above the long-term trend since 2017.
Yousuf Mohamed Al-Jaida, QFC CEO, said the June PMI index was higher than in all pre-pandemic months except for October 2017, which was 56.3. “Growth has now accelerated five times in the first half of 2024 as the non-energy economy has rebounded from a moderation in the second half of 2023,” he said.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
