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Inflation’s down - but not enough · The Front

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  Speaker 1: Today's Biggest News from The Australian. I'm Claire Harvey with
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  Speaker 1: the Front's afternoon headlines. Inflation has fallen, taking some pressure
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  Speaker 1: out of the economy, but it probably won't reduce the
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  Speaker 1: risk of another interest rate rise. The first full inflation
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  Speaker 1: reading since the government announced a three point three billion
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  Speaker 1: dollar fuel excise cut shows the consumer price index rose
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  Speaker 1: four point two percent in the year to March. That's
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  Speaker 1: down from four point six percent. What is going up
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  Speaker 1: is electricity costs, up a staggering twenty two point five
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  Speaker 1: percent over the past twelve months. The easing in headline
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  Speaker 1: inflation is thanks to that fuel excise reduction, which was
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  Speaker 1: the government's response to price pressures caused by the Iran War.
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  Speaker 1: Petrol prices went up nearly thirty three percent in March
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  Speaker 1: and fell seven percent in April after the policy came
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  Speaker 1: into effect. The Reserve Bank is mainly interested in underlying inflation,
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  Speaker 1: which here it three point four percent, up from three
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  Speaker 1: point three percent in the latest figures. That's well above
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  Speaker 1: the Central Bank's target range of two to three percent,
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  Speaker 1: which it uses to determine whether or not to put
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  Speaker 1: the cash rate up. All this comes after the Australian
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  Speaker 1: revealed on Wednesday the government has massively increased spending, with
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  Speaker 1: the budget papers showing federal spending is up thirty six
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  Speaker 1: billion dollars over the four estimates above the government's last
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  Speaker 1: update in December. Economists consistently warn that government spending is
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  Speaker 1: one of the key drivers of inflation, although Treasurer Jim
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  Speaker 1: Chalmers argues that's not the case. Right now, check out
• 1:42
  Speaker 1: that story live right now at the Australian dot com
• 1:45
  Speaker 1: dot a U and come back to the front first
• 1:48
  Speaker 1: thing in the morning for our good look at the
• 1:49
  Speaker 1: most fascinating move in media in a long time. Billionaire
• 1:53
  Speaker 1: Jenna Reinhardt is revealed as the money behind a big
• 1:56
  Speaker 1: new owner of the Seven network and its radio and
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  Speaker 1: newspaper assets. So what's Gina up to? That's right here
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  Speaker 1: Thursday morning.