Analysts are expecting the annual inflation rate to slip to a 2½-year low of about 3.5 per cent. The last time it was that low the first signs of Australia’s inflation problems were emerging as the Delta variant of COVID swept through the country.

Rents,education,health and insurance are expected to have added to price pressures through the quarter,while there has been softness across clothing,household goods,utilities and holiday travel over the period.

Prime Minister Anthony Albanese said on Tuesday that inflation had been a global issue due in part to the war in Ukraine and the rise in oil prices caused by events in the Middle East.

He said next month’s budget would benefit from the coming stage 3 tax cuts and other measures.

“Every taxpayer watching this show will receive a tax cut on July 1. We’ve provided a range of other cost-of-living relief,” he told the Nine Network.

“Inflation has been moderating,unemployment still at 3.8 per cent,which is very much a historic low. We have economic growth,we’ve got wages growing. There’s nowhere you’d rather be than Australia at the moment.”

The Reserve Bank and some economists have worried that the recent rise in wages will add to inflation pressures. Inflation at 3.5 per cent would mean real wages growing at their fastest rate in more than three years.

SEEK’s measure of advertised salaries showed a moderate rise of 0.2 per cent in March. Over the past 12 months,advertised salaries were up by 4.2 per cent,the lowest rate in 18 months.

SEEK senior economist Matt Cowgill said the peak for advertised salary growth was over,noting that they had grown by 0.2 per cent or 0.3 per cent for the past six months.

“The good news for workers is that advertised salaries are still outpacing inflation,and for policymakers there’s no sign of a price-wage spiral,” he said.

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