Consumer price index (CPI) data reported for the June quarter delivered a narrative of continuing inflation pressures in the Australian economy – particularly from non-tradeables such as rents and new housing construction – although a trimmed mean figure appears to have comforted investors on the question of a possible rate hike next Tuesday. The latter certainly appeared to be the market’s interpretation, as the ASX200 moved up sharply by 1% on the news. On a surface level, the data was on-target with expectations, as the CPI rose 1% quarter-on-quarter, in addition to a year-on-year increase …