Softer inflation has eased speculation the RBA, led by Michele Bullock, will hike rates in August. (Susie Dodds/AAP PHOTOS)Softer inflation has eased speculation the RBA, led by Michele Bullock, will hike rates in August. (Susie Dodds/AAP PHOTOS) Credit: AAPSurprise inflation data, which came in lower than expected and below the central bank's own forecasts, was due to softer fuel prices, according to the RBA's chief economist. Despite the inflation figures coming down, they still remain well above the Reserve Bank's target band of between two and three per cent. "Some of those domestic components in (inflation figures) were actually pretty much what we expected to see.