But the December quarter and any prospective growth in prices in the three months to March won't produce any change to the no rate move approach of the RBA for all of this year. The quarterly result was also materially below the 0.7 per cent that was anticipated.
The annual inflation rate hasn't been within the RBA's target band since the September quarter of 2014.
"We continue to expect the Reserve Bank to leave the OCR on hold for the foreseeable future", Tuffley said.
"The Australian economy has grown at a rate below its potential of about 1.275 percent for six out of the past eight years, which means there is more people willing to work than there are jobs, it means businesses aren't using all their computers, or perhaps manufacturers aren't using all the machines they own". "But we think a rate cut is likely in May, following the next set of inflation data".
The release overnight the latest Australian CPI report confirmed that both headline and core inflation remained soft in Q4.
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Market economists forecast underlying prices would rise 0.5 per cent in the quarter.
The annualised rate of the consumer price index is now 1.5 per cent, slightly up from where it was in the September quarter (1.3 per cent), but down from where inflation was at the end of 2015 (1.7), Australia's statistics bureau reported on Wednesday.
Over the year to December non-tradables inflation was 2.1 per cent, well up on the 1.6 per cent recorded in the year to June.
Dragging the index down was a 2.6 per cent fall in the prices of worldwide holiday travel and accommodation in the quarter, a 5.1 per cent fall in the price of clothing accessories and a 3.2 per cent fall in the price of non-alcoholic beverages.
So bottom line, no impact on monetary policy ahead of the RBA's first meeting of the year on February 10.