Inflation fell to its lowest rate in almost two years in November driven in part by outright falls in the price of clothes, appliances, and supermarket staples like lamb and beef over the past 12 months.

Economists say the latest monthly consumer price indicator puts inflation on track to undershoot the RBA’s near-term forecasts, but ongoing concerns about cost growth for services like hairdressing and takeaway meals means a rate cut in the first half of the year is still off the cards.