The average core inflation rate across the advanced economies is very similar to that in 2010, and headline inflation rates are lower than they were then, because of the decline in oil prices over the past year.
Six years ago, Australia was one of the few advanced economies in which inflation was not below the midpoint of the target (in our case, 2½ per cent) (Graph 10). This was, perhaps, not surprising given the mining investment boom that was then taking place.