More importantly, the annual core measures of inflation continued to miss the 2 to 3 per cent target range for the fifth consecutive quarter.
This is arguably an indictment of the RBA.
Having a stated 2 to 3 per cent inflation target can work as a stable nominal anchor, but not if people start believing that the RBA is unconcerned about undershooting the target range.
And now some are clearly doubting the Reserve Bank's commitment to meeting the inflation target, which is precisely what should not happen.
Perhaps if the Governor disagrees with the media 'hot takes' he will infer so in due course, so watch this space...