This was a higher outcome than expected, but it has not changed our assessment that inflation is trending lower. Excluding the volatile items and travel from the monthly CPI, inflation was 5½ per cent in six-month-annualised terms to April, compared with 7½ per cent to October 2022 (Graph 4).
3  Graph 3  CPI Inflation Year-ended %  %  8  8 Monthly indicator  6  6  4  4 Quarterly  2  2  0  0  -2  2015  2017  2019  2021  2023  -2  Source: ABS.