00:00From meat costs to staples like bread, inflation is easing despite some noticeable price spikes.
00:09I use a lot of butter in my cooking and butter is wild right now.
00:13Food and drink prices went up by 3% in the year to June due to higher costs on fruit and vegetables.
00:19But the cost of new builds and rents are rising at their slowest pace in years.
00:24Insurance premium increases are also easing off, pushing services inflation back to average levels and fuel is going backwards.
00:34Overall, inflation is at 2.1% annually with the Reserve Bank's preferred trim measure at 2.7%, which is well within its target range.
00:44This is the lowest inflation in almost four years.
00:47These are very pleasing, very welcome, absolutely outstanding inflation numbers.
00:54The Reserve Bank shocked borrowers when it kept rates on hold in July.
00:58One of the few economists who tipped that decision reckons the RBA board will be happy with these latest figures.
01:05I think that's good enough to really justify an RBA rate cut at the August policy meeting.
01:10The Reserve Bank's probably going to drop interest rates.
01:13That's with news.
01:14That's fantastic.
01:15Yeah, we'd love it.
01:16The Reserve Bank has already cut interest rates twice this year.
01:21Another cut wouldn't just be good for people with mortgages.
01:24It would also help businesses that have been struggling as cash-strapped households hold back on their spending.
01:31The hospitality sector has been faring among the worst.
01:36I think it just feels like every day there's another battle.
01:39The longer that we keep rates high, the longer that we go through this period of poor growth.
01:44The RBA's board meets on August 11 with a decision on interest rates the next day.
01:50We're looking for help.
01:50.
01:54.
01:55.
01:58.
01:58.
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