Big But Not Scary: Inflation Spikes But Core ContainedPhoto/SuppliedThe June quarter inflation numbers printed high at 4.1%. Headline inflation would have been 2.9% had petrol and diesel prices not changed. Headline inflation printed at 4.1% for June, a touch higher than consensus of 4.0%. Advertisement - scroll to continue readingWhen excluding the effect of petrol and diesel prices, inflation only went up only 0.5% on a quarterly basis. We are hopeful that the June quarter will mark the peak in annual inflation following the oil price shock.