The headline rate of CPI was only 0.4% for the quarter, leading to a year-on-year figure of 2.4%, or 2.3% seasonally adjusted.
This is broadly in the middle of the targeted range of 2-3%.
When the one-off effect of the carbon tax is stripped out, the headline result might be considered to be at the bottom of the target range at close to 2%, which might imply that an interest rate cut is in the pipeline.
However, an interest rate cut is not a done deal.
Year-on year, these measures came in at 2.2% and 2.6%.