The November inflation numbers won't reassure the Reserve Bank of Australia (RBA) that price pressures are back under control, and the central bank will pay closer attention to "stickier items" such as new dwelling costs and market services, according to a Wednesday statement by the Commonwealth Bank of Australia (ASX:CBA) and the Australian Associated Press.

Australia's consumer price index (CPI) rose 3.4% in the 12 months to November 2025, easing from a 3.8% increase in the year to October 2025, according to the Australian Bureau of Statistics. Trimmed mean inflation was 3.2% in the 12 months to November 2025.

New dwelling prices came in at 2.8% in the 12 months to November 2025, up from a 1.7% rise to October 2025, while rents decelerated from 4.2% to 4%.

The headline figure was forecast to fall to 3.6%, per consensus, the bank noted. The RBA is expected to wait until the December quarter inflation figures, expected later in January, before forming a decision on monetary policy.