Already a subscriber?Headline inflation held steady at 3.4 per cent for a third consecutive month in February, in line with the Reserve Bank’s expectations, but the underlying data hinted at some “last mile” challenges for prices.
The result was below market consensus for an uptick to 3.5 per cent, the fifth straight undershoot. It produced mixed reactions from economists. “There are clear risks to the upside, especially given the strength in the recent labour market data,” Mr Surya said, citing the recent drop in the jobless rate to a near 50-year-old 3.7 per cent.
Australia’s central bank is forecasting headline CPI to fall to 3.3 per cent by June this year before sluggishly moving back into its 2 per cent to 3 per cent target band by the end of 2025.
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