Trimmed mean inflation, the RBA’s preferred measure of underlying price pressures, eased to 3.9 per cent in June from 4 per cent in March.
The Reserve Bank of Australia is more likely to keep the cash rate on hold next week after underlying inflation came in only slightly above official forecasts in June.
Annual headline inflation printed in line with both market and RBA expectations, accelerating to 3.8 per cent in June from 3.6 per cent in March. Prices increased by 1 per cent in the three months to June.Before the release of the figures, markets were pricing a one-in-four chance the RBA board would raise the cash rate to 4.6 per cent from 4.35 per cent on August 6.
A 14th interest rate rise would be devastating for Prime Minister Anthony Albanese, whose standing in the polls has deteriorated since last year as voters have marked down his government over its handling of cost-of-living pressures.by Peter Dutton, leading Anthony Albanese’s government by 51 per cent to 49 per cent on a two-party-preferred basis.
Annual inflation in the labour-intensive services sector increased to 4.5 per cent in June from 4.3 per cent in March, as consumers continued to experience large prices for every-day services.
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