The chances of the Albanese government getting a pre-election boost from a February rate cut have risen, according to economists, who say softer-than-expected inflation figures show price pressures are cooling.

Treasurer Jim Chalmers said inflation had been at the lower end of the RBA’s 2 to 3 per cent inflation target band for three months in a row, and unusually referred three times to bond market forecasts for a pre-election cash rate cut during a press conference, in a potential sign of the government’s growing expectations for mortgage relief.