Annual inflation was steady at 3.4% in the 12 months to February, 0.1% lower than forecast, as measured by the Australian Bureau of Statistics (ABS) monthly consumer price index.

Food prices are easing as overall inflation in food and beverages rose 3.6% in the 12 months to February, easing from 4.4% in the year to January. Inflation in dairy and related products rose 4.2% for the period. Price rises in other  food categories such as meat, seafood and fruit and vegetables are also easing.