Inflation cooled unexpectedly in June, dropping to 3.8%—its lowest since February—thanks largely to lower oil prices, even though the RBA’s preferred measure held steady at 3.6%. Chief economist Sarah Hunter noted it wasn’t a forecast miss, just softer than expected, and warned that inflation remains well above the 2-3% target. Rising oil prices in July are already nudging inflation expectations upward. While the softer data has eased fears of another rate hike, Hunter offered no clues about the August meeting, where rates are already at 4.35%. She also highlighted the rapid growth of data centers as a major future economic force, prompting the RBA to form a dedicated team to monitor it.
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