Australia’s inflation rate has fallen for the fifth successive quarter, and it’s now less than half of what it was back in late 2022. The annual rate peaked at 7.8% in the December quarter of 2022 and is now just 3.6%, in the March quarter figures released on Wednesday, leaving it within spitting distance of the Reserve Bank’s 2–3% target. {chart} But it’s too early for mortgage holders to celebrate. On Wednesday Westpac noted the pace of improvement was slowing and pushed out its forecast of when the Reserve Bank would begin cutting rates from September this year to November. The monthly measure of annual inflation ... (full story)