Quarterly CPI Puts RBA at Risk of Falling Below Inflation Target

Australia’s latest quarterly inflation data has arrived, and the numbers are raising eyebrows. The Consumer Price Index (CPI) grew by just 0.7% in the June quarter, pulling annual inflation down to 2.1%, the lowest level since late 2021. This is highly frightening to the Reserve Bank of Australia (RBA). Their goal is to keep inflation between 2% and 3%, and these fresh figures put them right on the edge of that range.