Australia’s annual inflation rate eased in April after the government temporarily cut fuel taxes, though underlying price pressures remained strong enough to keep the possibility of further interest-rate hikes on the table.

According to the Australian Bureau of Statistics, the consumer-price index rose 4.2% year over year in April, slowing from 4.6% in March.

A key factor behind the moderation was a decline in transport costs after the federal government temporarily halved fuel taxes on gasoline and diesel to offset rising energy prices linked to the Iran conflict. Transport costs fell 2.7% month over month, although they remained 6.6% higher than a year earlier, making them the second-largest contributor to overall inflation.

Housing costs continued to be the biggest inflation driver, rising 6.3% annually, reflecting persistent pressure in the country’s property and rental markets.

The data comes after the Reserve Bank of Australia raised interest rates earlier this month for the third time in 2026, increasing borrowing costs for households and businesses.

While headline inflation slowed, policymakers are expected to focus closely on “trimmed mean” inflation—a core measure that strips out volatile items—which accelerated slightly to 3.4% in April from 3.3% in March.

Markets continue to expect at least one additional 25-basis-point rate hike by the end of 2026, as the central bank balances slowing headline inflation against still-elevated core price pressures.

Consumer prices rose 0.4% on the month, though seasonally adjusted prices slipped 0.1%.

Inflation in Australia had already been trending higher before the escalation of Middle East tensions earlier this year, with annual CPI climbing from 1.9% in June 2025 to 3.8% in January 2026, driven in part by surging energy and fuel costs.

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