An interest rate cut looks unlikely in February following the release of the latest monthly Consumer Price Index (CPI) data for November 2024.

The CPI rose 2.3% in the 12 months to November 2024 according to the Australian Bureau of Statistics, up from the 2.1% increase in the 12 months to October.

More importantly, trimmed mean inflation (the Reserve Bank’s preferred measure of inflation) fell from 3.5% to 3.2%.

That still sits above the RBA’s target 2% to 3% range which many believe will prompt an interest rate cut.

Food and beverages had the biggest impact on the CPI in November according to the ABS, up 2.9%, although this was offset partly by falls in electricity costs and fuel.

Michelle Marquardt, ABS head of prices statistics, says in some states and territories, households received two rebate payments in October in lieu of not receiving a payment in July.

Rents rose 6.6% in the 12 months to November, just slightly down on the 6.7% rise in the year to October.

New dwelling price rises slowed to 2.8% in the 12 months to November.