Australia-Melbourne Institute Inflation tanked in February

The Melbourne Institute Monthly Inflation gauge showed cost of living dropped in February. 

The monthly inflation indicator, which is based on the ABS methodology for calculating the quarterly consumer price index, fell 0.3% month-on-month in February compared to the January’s print of 0.6%. 

The data is negative, but may not have a major impact on the Australia dollar, given RBA’s has made it clear that it intends to keep rates unchanged in short-term to medium-term.