Cheaper ice-cream has helped cool inflation with prices across the country falling through October, but it may not be enough for the Reserve Bank to deliver a pre-election interest rate cut.
Cheaper ice-cream has helped cool inflation with prices across the country falling through October, but it may not be enough to force the Reserve Bank into a pre-election interest rate cut.
A continued collapse in petrol and diesel prices, down 11.5 per cent, also helped to temper price pressures. Lower demand has pushed down global oil prices, with petrol prices across the five capital cities easing to about $1.76 a litre last month. Rents have now barely moved over the past four months with rental vacancy rates starting to rise after hitting record low levels across every capital city.
But EY Oceania chief economist Cherelle Murphy said electricity prices and fuel prices continued to lower headline inflation, which has been within the RBA’s target range of 2 to 3 per cent for three consecutive months. “Underlying inflation has been above the Reserve Bank’s target for almost three years, reflecting the persistent impact of pandemic policy stimulus and supply constraints, among other factors,” she said.
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