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Expect a modest print of 0.1% in June - Westpac

The research team at Westpac expects US CPI to grow moderately in June to 0.1% after they fell 0.1% in May.


Key Quotes


“Inflation (or the lack there of) has been front and centre of the policy debate in recent months. People have queried, is it simply due to one-off factors that will quickly dissipate? Or has there been a structural shift post-GFC? We will only really know for sure in time, but our guess is that it is a mix of both temporary and permanent factors.”


“In May, headline prices fell 0.1% as energy prices weighed heavily, partially offset by food. Core inflation (ex food and energy) gained 0.1%, a repeat of the April result. As a consequence, annual headline inflation fell below the 2.0%yr medium-term target to 1.9%yr, while core inflation was a little more subdued at 1.7%yr.”


“Come June, we expect another modest result. Core prices should rise 0.2% in the month, with the headline price gain limited to 0.1% by autos and gasoline.”

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