Afternoon update: inflation falls faster than predicted; Dutton parties with mining billionaires; and can magnesium help with anxiety?

Labor argues big retailers have a duty to provide affordable options for shoppers, especially as supply costs drop as inflation eases. Photograph: Ellen Smith/The Guardian

Good afternoon. Inflation is falling faster than predicted, with the latest figures showing the consumer price index at 4.3% in November – down from 4.9% in October and less than the 4.4% predicted by economists.

Housing costs, however, continued to rise, up 6.6% from a year ago, while food and non-alcoholic beverages rose 4.6%, and insurance and financial services were 8.8% more expensive. The result reinforces expectations the Reserve Bank’s key interest rate has peaked.