Lower petrol prices and an electricity rebate have contributed to a further fall in the quarterly measure of inflation, the Consumer Price Index.
The rate in the September quarter dropped to 2.8%, putting it for the first time within the Reserve Bank’s target range of two-point-something since the March quarter of 2020.
The fall was broadly in keeping with market expectations, and keeps low the likelihood of an interest rate cut this year. The next Reserve Bank meeting is scheduled for Tuesday.
