Fuel prices ease
Lower oil prices are now just beginning to filter through to more attractive prices at the bowser, at least for petrol (if not so much diesel, just yet).
As per my above Tweet from late September, both petrol and diesel prices have been a big part of the consumer price inflation story of late in Australia.
The NRMA notes that prices have fallen more than 10 cents per litre this week, and expects prices to fall significantly further over the next 2 to 3 weeks.
The Aussie dollar hitting a 3-month high could also prove to be something of a factor here.
During the week ahead the monthly inflation figures should drop back from 5.6 per cent to around 5.2 per cent over the year to October.
Looking ahead, the forthcoming lower fuel prices - and probably some retail discounting - should see us observing inflation of around 4 per cent inflation before too long.
The government will certainly be hoping so, with Labor - almost unbelievably - now trailing in some polls.
Another interest rate hike, on top of higher-than-expected fuel and energy prices, might well even finish this Prime Minister off.
There's a stack of other news and data out this week, but the monthly inflation figures will probably be the most interesting.
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