Inflation Gauge

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GUEST OBSERVER
The February Gauge printed a decline of 0.3 percent/mth taking the annual rate down slightly from 2.0 percent/yr to 1.9 percent/yr.
The three month change dipped to 0.8 percent from 1.2 percent in January.
As February is the mid-month of Q1 it provides the Gauge's first estimate of the Q1 CPI.
More recently, the end quarter reading has provided a better guide to the CPI than the mid-month.
As such, we will wait for the March reading to get a more comprehensive update.
However, since March 2016 neither measure has provided us with a reliable guide to the CPI.
As such we recommend the cautious application of the Gauge as a leading indicator of the CPI.
<a href="https://www.propertyobserver.com.au/images/2017/08/Gauge-1.jpg" target="_blank">Click to enlarge</a>
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/08/Gauge-1.jpg" width="600" height="248">
<a href="https://www.propertyobserver.com.au/images/2017/08/Gauge-2.jpg" target="_blank">Click to enlarge</a>
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/08/Gauge-2.jpg" width="600" height="378">
<a href="https://www.propertyobserver.com.au/images/2017/08/Gauge-3.jpg" target="_blank">Click to enlarge</a>
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/08/Gauge-3.jpg" width="600" height="378">
<a href="https://www.propertyobserver.com.au/images/2017/08/Gauge-4.jpg" target="_blank">Click to enlarge</a>
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/08/Gauge-4.jpg" width="600" height="378">
<a href="https://www.propertyobserver.com.au/images/2017/08/Gauge-5.jpg" target="_blank">Click to enlarge</a>
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/08/Gauge-5.jpg" width="600" height="378">
<a href="https://www.propertyobserver.com.au/images/2017/08/Gauge-6.jpg" target="_blank">Click to enlarge</a>
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/08/Gauge-6.jpg" width="600" height="366">
<a href="https://www.propertyobserver.com.au/images/2017/08/Gauge-7.jpg" target="_blank">Click to enlarge</a>
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/08/Gauge-7.jpg" width="600" height="378">
<a href="https://www.propertyobserver.com.au/images/2017/08/Gauge-8.jpg" target="_blank">Click to enlarge</a>
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/08/Gauge-8.jpg" width="600" height="378">
 
Justin Smirk is ‎senior economist, Westpac Group and can be contacted <a href="https://www.westpac.com.au/about-westpac/westpac-group/" target="_blank">here</a>.
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Inflation Gauge

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