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Interest rates look set to hold, after inflation and fuel costs fell in April. But it’s unlikely to last
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Australian inflation fell to 4.2% year-on-year in April 2026 due to temporary government fuel discounts, but underlying inflation measures suggest the decline may be temporary and rate cuts are unlikely.
Interest rates look set to hold, after inflation and fuel costs fell in April. But it’s unlikely to last
Inflation actually fell in Australia last month, thanks to temporary government fuel discounts that saw fuel prices come down by 7% from their record peaks in March.
New Australian Bureau of Statistics figures show the monthly consumer price index (CPI) rose 4.2% in the 12 months to April 2026 – down from 4.6% in March and lower than market expectations.
However, the underlying picture was less reassuring.
The closely watched “trimmed mean” measure rose to 3.4%, up from 3.3% a month earlier. (
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