The expected inflation rate (30-per-cent trimmed mean measure), reported in the Melbourne Institute Survey of Consumer Inflationary Expectations, rose by 0.4 percentage points to 3.7 per cent in October from 3.3 per cent in September.

In October, the weighted proportion of respondents (excluding the 'don't know' category) expecting the inflation rate to fall within the 0-5 per cent range fell by 0.6 percentage points to 68.6 per cent. This was influenced by a jump in the proportion of respondents clustered around an expecting inflation rate of up to 6 per cent. The weighted mean of responses in the 0-5 per cent rage increased to 2.4 per cent this month from 2.1 per cent in September.