The key figure in Australia’s CPI report is the core inflation rate, which fell from 2.9% in the first quarter to 2.7% in the second quarter. David Bassanese, Chief Economist at Betashares, stated this reflects broad-based easing in goods, services, and housing-related inflation. Although this result was slightly higher than the Reserve Bank of Australia’s (RBA) May forecast of 2.6%, it is close enough to the target that an interest rate cut in August now looks like a done deal.