We got the latest monthly data on inflation on Wednesday, and it came in a bit below market expectations, standing at 3.4% unchanged in February and has been 3.4 per cent for three consecutive months according to the ABS. Monthly data does not cover all the categories, so results are always a bit uncertain.

But just to be clear, prices are still rising faster than the RBA’s target, and while the data is volatile, there is clearly more to do to get to band. Also, I believe real inflation as experienced by many households are significantly higher than the official numbers. When excluding volatile items, the annual rise eased to 3.9% from January’s 4.1%, still well above the RBA’s 2-3% target band. Annual inflation excluding volatile items has continued to slow over the last 14 months from a high of 7.2 per cent in December 2022.

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