Core Viewpoint - Australia's Consumer Price Index (CPI) for October increased by 3.8% year-on-year, surpassing the market expectation of 3.6% and the previous month's increase of 3.6% [1] Group 1: Inflation Data - The primary driver for the CPI increase was housing prices, which rose by 5.9%, reflecting higher costs in electricity, rent, and new housing [1] - The trimmed mean inflation rate, a key indicator monitored by the Reserve Bank of Australia (RBA), rose from 3.2% in September to 3.3% in October, exceeding the RBA's target range of 2% to 3% [1] Group 2: Implications for Monetary Policy - The latest inflation data reduces the likelihood of interest rate cuts by the RBA this year and raises concerns about potential interest rate hikes [1] - This release marks the first complete monthly CPI report from the Australian Bureau of Statistics, transitioning from quarterly to monthly measurements for a more timely assessment of inflation changes [1] Group 3: Significance of the Data Release - The Australian statistician highlighted that the complete monthly CPI represents a significant improvement in measuring key economic data, providing more comprehensive and accurate information for policy decision-making [1]