The latest monthly consumer price indicator rose +3.6% in the 12 months to April, edging up from +3.5% in the 12 months to March.

The index for food and non-alcoholic beverages rose +3.8% in the 12 months to April with prices for dairy and related products up +2.7% in the 12 months to April, down from the 12 months to March (+2.9%). 

The uptick in inflation has prompted a revision in the timing for the Reserve Bank to cut cash rates, now not expected until December 2025, while some are factoring in a rate hike. “The disinflationary process in Australia appears to have stalled out so far this year after encouraging declines over 2023,” according to BetaShares chief economist David Bassanese.