Latest economic figures show Australia’s inflation easing ahead of RBA interest rate decision

Australia’s consumer price index for the first three months of 2023 is at an annual rate of 7%, indicating the inflation rate has dipped. Photograph: Kumar Sriskandan/Alamy

Australia’s inflation rate eased during the first three months of 2023 with the quarterly increase the lowest since the end of 2021.

The headline consumer price index (CPI) for the first three months of 2023 came in at an annual rate of 7%, the Australian Bureau of Statistics said. The number was in line with economists’ predictions, and slower than the 7.8% pace clocked in the December quarter.