Inflation at 1 per cent in the March quarter was up from 0.6 per cent in the December quarter, and above market expectations of 0.8 per cent, suggesting interest rates could stay higher for longer.
in the first three months of the year but fell to 3.6 per cent in annual terms, down from 4.1 per cent in late-2023.
The annual figure was slightly above consensus of 3.5 per cent but benefited from the March quarter 2023 – when CPI rose 1.4 per cent – falling out of the data . The strong increase in housing was largely due to continued undersupply in the rental market, where prices rose 2.1 per cent over the quarter.
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