The expected inflation rate (30-per-cent trimmed mean measure), reported in the Melbourne Institute Survey of Consumer Inflationary Expectations, rose by 0.2 percentage points to 3.4 per cent in December from 3.2 per cent in November.

In December, 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 5.2 percentage points to 67.9 per cent. The weighted mean of responses within this range fell slightly from 2.3 per cent last month to 2.2 per cent in December