As expected, the plummeting oil price played a key role in that.
- The most significant price rises this quarter were for domestic holiday travel and accommodation (+5.8%), tobacco (+4.8%) and new dwelling purchase by owner-occupiers (+1.1%).
- The most significant offsetting price falls this quarter were for automotive fuel (-6.8%), audio, visual and computing equipment (-5.2%) and audio, visual and computing media and services (-3.8%).
Rents grow at 2.4 percent
An interesting data series hidden within the inflation data is to be found in the sub-indices for rents.
Rental growth seems to have stabilised nationally at 2.4 percent growth over the past year.
However this 2.4 percent reading masks significant variations in fortunes by capital city.
Rental growth remains robust in Sydney (+3.0 percent), Melbourne (+2.4 percent) and Brisbane (+2.0 percent).
Currency markets weren't entirely convinced about how to interpret the figures either, with the Australian dollar first shooting up and then dribbling back down a bit, then stabilising around 79.9 cents.