The XJO surged on the news about falling inflation. Little chance now of an interest rate rise next week, but media hacks who are now ranting that the RBA has gone too far with its rate hikes may get a reality check next month, because of the currently rising price of oil.
The low monthly CPI for June was affected by automotive fuel falling by 10.6%. Since the end of June, the price of oil has risen by more than 10%.
Changes in the price of oil have a multiplier effect on inflation, because the prices of nearly everything else are affected by the price of oil.
The XJO surged on the news about falling inflation. Little...
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Last
7,736.6 |
Change
-30.900(0.40%) |
Mkt cap ! n/a | |||
| Open | High | Low |
| 7,767.5 | 7,767.5 | 7,710.3 |
| XJO (ASX) Chart |