Higher for longer
Canada's inflation rate edged up from 2.8 per cent to 2.9 per cent in March.
New Zealand saw some ongoing progress, with the inflation rate falling from 4.7 per cent to 4 per cent over the course of the March quarter, though core inflation was a little stickier than hoped for.
The UK's inflation rate fell from 3.4 per cent to 3.2 per cent, which was also a little higher than expected, though it was at least a 2½ year low.
You could certainly make the argument that over approximately the past 6 months New Zealand and Canada have seen inflation rates running at around the target range (and the same could be said to be true for the US, excluding shelter).
But clearly we aren't quite there yet, and the last leg of the journey back to target might yet prove to be the trickiest.
Australia's quarterly inflation figures are due to be released next week.
Tomorrow will see the release of some very interesting labour force figures Down Under.
Last month saw an unemployment rate 'shock' to the downside, with the seasonally adjusted 3.7 per cent reported seemingly at odds with most other indicators.
Perhaps we'll see some of the huge seasonally adjusted increase in jobs unwound this month as well.
