Bullock gives an interesting (if a bit nerdy) note on the new monthly CPI that will begin in November:

“From November we are getting a full monthly CPI rather than a partial indicator which we’ve got at the moment. And I want to say that’s great news every nearly every other country in the world has a monthly CPI I think, or advanced economies. So this will bring us in line with that. So that’ll be great.”

But!!!

A couple of points though when it comes in the monthly CPI will be more volatile than the quarterly. It just will because it’ll be monthly data rather than quarterly data. Second point is that the monthly Outtrim mean is not calculated in the same way the quarterly trimmed mean is. Our focus is the quarterly trimmed mean. We think that’s the best measure of underlying inflation. So our focus will not be on the monthly trimmed mean we’re not going to be focusing on that.”

So don’t expect much change in how the RBA goes about making decisions even when we get more regular inflation figures.