The Melbourne Institute Inflation Gauge is a privately surveyed inflation indicator. it was the 'go to' for a guide to monthly inflation data for Australia prior to the Australian Bureau of Statistics introducing their monthly measure.

The jump will not be welcome news to the Reserve Bank of Australia.

The Gauge is not a definitive guide to inflation, but a rise of this magnitude, both m/m and y/y, will not be shrugged off/ Analysts are currently clustered around a February RBA rate cut expectation. Market prcingis for the first cut around May, instead.