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Minutes of the Monetary Policy Meeting of the Reserve Bank Board
Members began their discussion of the Australian economy by discussing the March quarter consumer price index (CPI). They noted that inflation had been lower than expected. Various measures suggested that underlying inflation had declined to a little less than ¼ per cent, compared with about ½ per cent in the December quarter, to be about 1½ per cent over the year. Headline inflation had been lower still, partly reflecting a decline in fuel prices in the March quarter and over the year. Even so, the CPI data had indicated that weakness in domestic cost pressures had been broadly based. Non-tradables inflation had ... (full story)
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