The consumer price index for the first three months of 2023 has come in at an annual rate of 7%, down from the 32-year high of 7.8%
Prior to today’s CPI release, investors viewed the prospect of a May rate rise by the RBA as just a 17% chance, with the next move to be a cut. Economists, though, were more split, with some saying the central bank has at least one more rate rise arrow in its quiver.
For the March quarter, the biggest contributors to inflation included the 4.2% increase for medical and hospital services and a 9.7% increase for tertiary education, two product areas that tend to be reset at the start of the calendar year. “Price reviews reflecting higher wholesale gas prices led to rises in gas and other household fuels, with rises seen across all eight capital cities and the strongest rise recorded in Melbourne ,” she said.
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