Sam Hawley: But Ian, we're also looking at quarterly inflation. So everybody expected an annual rate of 5.3. We went from 7.8 down to 7, down to 6 and now down to 5.4, but it was only a little bit more than what was expected from the market. So in December last year, we had inflation peaking at around about 7.8 per cent, and we're now down to 5.4 per cent and it's come down each quarter. Ian Verrender: Well I think from an overall perspective you've got to take it from where we were and where we are now. What do they mean they don't look that good. Sam Hawley: Ian, let's talk about what these inflation figures might mean for interest rates in a moment. The consumer price index jumped by 1.2% in the quarter, making it 5.4% over the year. Sally Sara (news clip): A Melbourne Cup day interest rate rise is looking more likely after official inflation data has come in worse than expected. Today, business editor Ian Verrender on what the RBA board is likely to do when it meets on Melbourne Cup day, and why it needs to tread very carefully. That's because the cost of those items is keeping inflation higher than the reserve Bank would like. We already know we've been paying a lot more for petrol, rent and electricity, but now we also know the price of those things could mean we're slapped with another interest rate rise. Sam Hawley: Hi, I'm Sam Hawley, coming to you from Gadigal land.
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