Economists say the latest inflation data takes pressure off the Reserve Bank to hike interest rates in August. The annual headline figure came in as expected at 3-point-8 per cent but the quarterly underlying measure eased for the sixth quarter in a row, suggesting inflation is still trending down. Rental prices rose by 7.3 per cent over the last 12 months, down from 7.8 per cent in the March quarter. Financial markets are now betting the RBA’s next move will be down, with a cut expected by February 2025.