My weekly column in the Guardian covers all the inflation figures.

And while obviously you should go read it all, here’s the tl;dr version

The RBA targets inflation between 2% and 3%, and Australia’s inflation in the year to June was just 2.1%.

So clearly that is low – well below even the mid-point that the RBA also says it “aims for”. But the big problem is even that overstates what is going on.

In FIVE of Australia’s capital cities inflation was BELOW 2%. In Melbourne it was exactly 2%:

The only two places where inflation was above 2% were Brisbane and Perth.

But the only reason they were that “high” was because their state-based energy rebates ended so electricity prices jumped abnormally.

In Brisbane electricity prices accounted for 37% of all the inflation in the June quarter, in Perth they made up 66%. Were it not for the end of those rebates, their inflation would have been much lower, and Australia’s CPI would have been below 2%.

And yet, 3 weeks ago the RBA decided they were still a bit unsure of whether or not inflation was under control and so did not cut rates.

Cripes.

Anyway, lots more graphs over at Guardian so go have a read and impress your friends with how much you know about the CPI!