Summary: Melbourne Institute Inflation Gauge index up 0.3% in June; up 4.7% on annual basis; “consistent with elevated inflation”; implies official CPI reading of 0.4% in June quarter. 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...