Perhaps the second most important number to Australian home-buyers (after interest rates) was released by the ABS this morning.

CPI for April, 2026 came in at 4.2%, down from 4.6% last month.

The biggest contributor to that fall, unsurprisingly, was fuel prices due to changes to excise arrangements by the Federal Government.

ABS also releases a separate CPI number which looks through ‘volatility’ called the ‘Trimmed Mean’.  That rose slightly from 3.3% to 3.4% in April, which will tell the RBA that it still has a big challenge around inflation, irrespective of events in Iran.

The two biggest drivers of national headline inflation were Transport (up 6.6%) and Housing (up 6.3%).

And Hobart (+5.0%) and Brisbane and Adelaide (+4.6%) lead the charge of the capital cities.