Whether Wednesday’s slightly hotter-than-expected monthly inflation reading is enough to derail the July interest rate cut the market was expecting from the Reserve Bank will be a topic of hot debate in the coming days.

Although headline inflation of 2.4 per cent for April sat comfortably within the central bank’s target band for price growth between 2 per cent and 3 per cent, the rise in the trimmed mean number for the month – from 2.7 per cent to 2.8 per cent – would appear to be mildly negative news for those banking on a July cut.