Summary: Melbourne Institute Inflation Gauge index up 0.2% in April; up 6.1% on annual basis; ACGB yields up modestly; rate cut expectations soften. The Melbourne Institute’s Inflation Gauge is an attempt to replicate the ABS consumer price index (CPI) on a monthly basis. It has turned out to be a reliable leading indicator of the CPI, although there are periods in which the Inflation Gauge and the CPI have diverged...