AUD/JPY corrects from 92.00 as RBA sees inflation softening ahead – by Sagar_Dua24 AUDJPY RBA Inflation BOJ RetailSales
st strength and is declining firmly after commentary from the Reserve Bank of Australia’s head of economic analysis Marion Kohler.
RBA’s Kohler is of the view that the Australian economy has seen the inflation peak at 7.8% in the fourth quarter of CY2022 and now the price pressures may start declining ahead. Last week, the Australian Bureau of Statistics reported a jump in the inflation rate to 7.8% amid supply chain bottlenecks and rising food prices.
Meanwhile, a decline in monthly Retail Sales data released this week supports the view of RBA’s Kohler of inflation softening ahead. Thecontracted by 3.9% from an expansion of 1.7% released in November while the street was expecting a contraction of 0.3%. A contraction in retail demand is a critical indicator for inflation projection as lower consumer spending calls for a decline in the prices of goods and services by producers at factory gates to maintain the demand-supply mechanism.
On the Japanese Yen front, Japan's Finance Minister Shunichi Suzuki reiterated on Tuesday that “wage increases are important to both the government and the Bank of Japan .
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