The latest monthly CPI data from the ABS showed headline inflation going sideways and underlying inflation rising, despite the massive Government support to households across electricity and rents.
Nothing here to signal rate cuts in the short term, and the RBA will continue to look through to the underlying rate of 3.5% which is up from last month and higher than their target.
Of course, politically speaking we will hear loads about Government support, and bearing down on inflation, despite the fact that many of the actions of Government are driving inflation higher.
Its another classic case of numberwanging, because the real costs for people are so much higher.
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