Inflation falls but don't expect a rate cut to follow | The Business | ABC News

Annual inflation rate fell to 2.8 per cent in the September quarter, a 3.5-year low, but underlying inflation remains above the Reserve Bank's target band. Prices of most goods and services continued to rise, but were offset by large falls in petrol, as global oil prices eased, and power prices, driven by government rebates across the states and territories. Goods inflation declined from 3.2 per cent annually to 1.4 per cent, but services inflation increased slightly, to an annual rate of 4.6 per cent in the September quarter - the main contributors being higher rents, insurance and child care prices. The Reserve Bank is not expected to cut interest rates when it meets on Melbourne Cup Day. Economists say a move by the central bank is more likely in February or April.
#ABCBusiness
Subscribe: ab.co/1svxLVE
ABC News provides around the clock coverage of news events as they break in Australia and abroad. It's news when you want it, from Australia's most trusted news organisation.
For more from ABC News, click here: ab.co/2kxYCZY
Watch more ABC News content ad-free on ABC iview: ab.co/2OB7Mk1
Go deeper on our ABC News In-depth channel: ab.co/2lNeBn2
Like ABC News on Facebook: / abcnews.au
Follow ABC News on Instagram: / abcnews_au
Follow ABC News on X (Twitter): / abcnews
Note: In most cases, our captions are auto-generated.
#ABCNews #ABCNewsAustralia