Australian Economy Australian interest rates

Aussie inflation undershoots expectations

Wednesday 29 April 2026

The Australian Bureau of Statistics (ABS) has released CPI inflation data for March, showing a headline CPI inflation rate of 4.6% for the year, below economists’ expectations of a 4.8% rise.

Even so, headline inflation rose by 0.9% from February, driven by a 33% increase in fuel costs due to the war in the Middle East. This drove an 8.9% increase in transport inflation:

It was also the highest headline CPI print since September 2023.

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About the author

Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness. Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.