Australian inflation rose 6.0% in the June 2023 quarter and we calculate retail price inflation was 5.2%. Retail inflation is easing off, but still well above long-term trends. Packaged grocery inflation is double digits and the only discernible drop in retail inflation is in large/small appliances and footwear. Input and freight costs are falling for a range of retail goods and retail inflation will be much lower in 2024 with lower input costs a margin cushion for many retailers to help deal with weaker demand and higher wage costs.