With the release of the latest inflation data from the ABS came relief that a rate rise at the August RBA meeting was now largely off the table. The RBA’s May forecasts in their latest Statement on Monetary Policy (SOMP) included an annual trimmed mean inflation rate of 3.8% for the year ending in June. In reality, a figure of 3.6% was produced, significantly below the RBA’s expectation and below the analyst consensus of 3.7% year on year. Advertisement