The Australian dollar had dribbled a little lower heading into the CPI data and it dipped a little more in response to the lower than was expected headline:Australian monthly CPI for October 2023 4.9% y/y (vs. expected 5.2%)Headline lower than expectedThe core measure, underlying inflation, 'trimmed mean' was still 5.2%, down from 5.3% in SeptemberOctober data had a large 'goods' representation compared with services so it may be lower than it otherwise would have beenBut enough of the caveats, a December (meeting on the 5th) rate hike from the Reserve Bank of Australia now looks very unlikely indeed. As I noted earlier the monthly data is incomplete, we'll have to wait for the quarterly for
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