For the March quarter Consumer Price Index (CPI), Westpac has lifted its forecast from 0.7% to 0.8%. Due to base effects (a much larger rise in March 2023 of 1.4%) this would see the annual pace drop to 3.5%yr from 4.1%yr, the slowest pace of inflation since December 2021.
We expect the usual annual repricing of health and education to make a solid contribution in the quarter, with education contributing 0.25ppt and health 0.15ppt.
Westpac is forecasting a 0.3% increase in the March Monthly CPI Indicator which will take the annual pace down to 3.2%yr from 3.4%yr, the slowest pace since November 2021. - Westpac
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