Fuel prices tumble
Unleaded petrol prices hit a 21-week low last week, according to CommSec analysis.
The national average petrol price fell -0.9 per cent to 156.4 cents per litre, while unleaded prices fell -0.7 per cent to 178.1 cents per litre.
This is well down from the 2022 highs at above $2.12 per litre, but still we should drop below the 2-year lows during the next fuel cycle, given the much steeper drops in the oil price.
On Wednesday the ABS will release the latest inflation figures, which look set to see the 6-month annualised pace sliding for core inflation towards the bottom half of the target 2 to 3 per cent band.
Goods prices in the private sector have generally been falling, but punchy government expenditure has pushed the price of education and healthcare services higher.
Electricity prices could also jump by around 15 per cent this quarter, as energy relief subsidies unwind, which is another disappointing policy result for the government.
Still, the polls are leaning to 3 more years for the government, which suggests that we'll be leaning towards a Big Australia, and big spending on infrastructure and construction.
Luci Ellis of Westpac has seen enough already, and wrote in her markets note this week that a May interest rate cut is a certainty, regardless of the inflation result.
All of the major bank economists are leaning towards between 3 to 5 interest rate cuts this year.
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