Australias consumer prices dipped in January, offering relief to policymakers aiming to curb inflation. Data from the Australian Bureau of Statistics showed the monthly Consumer Price Index (CPI) fell 0.

The Australian Bureau of Statistics’ January inflation print shows that trimmed mean inflation, which the Reserve Bank uses to measure Australia’s inflation rate, came in at 2.8 per cent, up from 2.7 per cent in December.

Australian consumer prices dipped month-on-month in January, dragged lower by a slowdown in housing costs and a drop in holiday travel, an outcome that should help reassure policymakers that inflation is heading in the right direction.

The RBA board trimmed the cash rate last week, but families struggling with cost of living pressures are hoping for more.