Inflation Decreases but Not Enough to Bring Interest Rates Down

The pressure on the nation’s renters also shows no sign of abating with rents increasing 2.1 percent which is the fastest growth in 15 years.

Cost of living pressures continue for Australians after rises in service inflation. William West/AFP via Getty Images

Australia’s inflation rate decreased in the year to March but not enough to prompt the Reserve Bank of Australia (RBA) to cut interest rates anytime soon.

The latest data, released today by the Australian Bureau of Statistics (ABS), showed the annual consumer price index (CPI) dropped from 4.1 percent in December to 3.6 percent in March after market analysts had predicted the rate to slip as far as 3.5 percent.