Treasurer Jim Chalmers is usually meticulous about avoiding saying anything that could be construed as putting him at odds with the Reserve Bank of Australia.
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So seasoned observers were intrigued when Dr Chalmers responded to the latest consumer price index report by asserting that "the annual inflation number that we have received today is in line with expectations, it's in line with the Treasury forecasts in the most recent budget, and it doesn't change the Treasury's expectations for when inflation will return to the target band".
Just in case anyone missed it, he added: "So, consistent with expectations, consistent with forecasts, and consistent with our expectations going forward as well. I think those are really important points".
For context, Treasury's forecasts generally align very closely with those of the Reserve Bank. For instance, both predict headline inflation will grow less than 3 per cent by late 2025.
The implication of the Treasurer's remarks is that there should be nothing in the September quarter CPI result to cause the central bank undue alarm.
It is a view that appears at odds with how many in the market are reading the numbers.
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Economists including Cherelle Murphy from EY, Adam Boyton from ANZ, Paul Bloxham from HSBC, independent economist Chris Richardson, Phil O'Donaghoe from Deutsche Bank and other many others think the September quarter inflation increase is actually inconsistent with the RBA's expectations, making a Melbourne Cup rate rise "all but guaranteed", according to Ms Murphy.
To recap, the Australian Bureau of Statistics report showed headline inflation jumped 1.2 per cent last quarter, pushing the annual headline rate to 5.4 per cent (though this was down from 6 per cent the previous quarter).
As Dr Chalmers correctly pointed out, a large part of the rise was driven by a 7.2 per cent surge in fuel prices - the biggest such increase in 18 months.
As the Treasurer also pointed out, higher prices at the bowser stem from the decision of global oil producers to wind back supply. This has been exacerbated by the deterioration in the currency and is expected to continue through the current quarter because of the emerging conflict in the Middle East.
In other times and circumstances the Reserve Bank might be expected to "look through" spiking fuel prices, given the inherent volatility of the commodity.
But such is the central bank's concern about the current inflation challenge, many economists think that is unlikely.
The minutes of the RBA board's October 4 meeting showed it carefully considered whether or not to raise rates then given concerns that inflation expectations might shift up the longer prices stay high.
And even though it ultimately decided to keep them on hold for a fourth consecutive month, new governor Michele Bullock indicated there was "low tolerance" for inflation taking any longer than the end of 2025 to get back within the 2 to 3 per cent target band.
She followed that up on Tuesday this week when she warned that the central bank "will not hesitate to raise the cash rate further if there is a material upward revision to the outlook for inflation".
Whether the latest CPI rise constitutes a "material upward revision" is up for debate.
The Treasurer says no. Many economists say yes. Ultimately, it will be for Ms Bullock and her fellow RBA board members to decide.