Inflation figures released
In early January, the Australian Bureau of Statistics released the inflation figures for November 2024, which are currently at 2.3%. These monthly inflation figures are closer to the Reserve Bank of Australia's target. The upcoming quarterly data will provide a clearer picture of the economy. The last quarterly inflation report from September 2024 indicated that inflation had fallen into the RBA's target range for the first time in three and a half years. If the inflation data released on January 29 2025 shows a similar trend, mortgage holders may see relief from rising rates sooner than previously expected. The annual trimmed mean inflation was 3.2% in November, down from 3.5% in October.
The RBA has maintained the cash rate at 4.35% throughout 2024. The next meeting to discuss the cash rate will take place on February 18 2025. The forthcoming quarterly figures are anticipated to give further insights into the economic situation.
