The annual rate of inflation has dropped from 7 per cent to 6 per cent in the most recent quarter.
This means prices in Australia are still drifting up but not as quickly as they had been.
The data comes from the Consumer Price Index (CPI) for the June 2023 quarter released by the Australian Bureau of Statistics (ABS).
The CPI, which measures household inflation and includes looks at price changes across a number of areas of household expenditure, rose by 0.8 per cent this quarter.
Quarterly inflation has decreased across the first half of 2023. Source: SBS News
Inflation had reached a 32-year high in the December 2022 quarter when it rose to 7.8 per cent for the year.
Prices rose 1.4 per cent over the first quarter of 2023, which equated to 7 per cent for the year to March.
Biggest contributors in June quarter included real estate and international travel
ABS head of prices statistics Michelle Marquardt said the June figures showed the lowest quarterly rise since September 2021.
"While prices continued to rise for most goods and services, there were some offsetting price falls this quarter including for domestic holiday travel and accommodation and automotive fuel," she said.
The biggest contributors to the rise in the June quarter were rents, which recorded the strongest quarterly increase since 1988, as well as international holiday travel and accommodation, other financial services, and new dwellings bought by owner-occupiers.
The trimmed mean, which crops away large price changes at either end of the price change spectrum, also weakened to 5.9 per cent annually in the June quarter from 6.6 per cent in March.
The monthly inflation gauge, which was released at the same time, rose 5.4 per cent in the 12 months to June.
This is a developing story and this article will be updated.
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