At least one thing has gone right for Labor this week. The consumer price index figures released today by the Australian Bureau of Statistics should put an end to any thoughts the Reserve Bank board might have had about putting up interest rates. Inflation by all the measures is on the way down rather than up and safely inside the range the bank has as its policy goal.
The inflation measures the Reserve puts most emphasis on in its deliberations are shown in this chart from its website, which I have updated with today’s ABS numbers.
All three measures are now inside the preferred two to three per cent range.