Inflation Still Above RBA Target as June Numbers Reveal Steady Decline

The Reserve Bank of Australia (RBA) has welcomed a decline in inflation to 3.8% in June, but is still above target.

This marks the first time inflation has fallen below 4% since the Iran war outbreak.

ABS head of price statistics Rachel McCrick attributed the fall in inflation to moderating transport costs and lower world oil prices resulting from stabilization in the Middle East in June.

The federal government's fuel excise relief measures also contributed to lower automatic fuel prices in April and May, reducing the cost by 32 cents a litre during that time.