“This was driven by builders passing on higher material and labour costs”. The policy-relevant trimmed mean inflation was steady at 3.6% in the 12 months to June 2026, the same as in the 12 months to May 2026. AdvertisementHowever, on a quarterly basis, trimmed mean inflation rose to 3.6% in the 12 months to June 2026, up from 3.5% in the March quarter. AdvertisementThe good news is that the 3.6% trimmed mean inflation was below both the market’s (3.7%) and RBA’s (3.7%) expectations, which significantly lowers the likelihood of the RBA hiking rates next month. Australia’s embattled mortgage holders can probably breathe a sigh of relief.