The Strait of Hormuz is still closed and supply disruptions are still pushing global prices up yet fresh data is expected to show Australia's headline inflation is on the way down.
Even so, the Reserve Bank won't be declaring mission accomplished, if the forecasts are borne out.
Economists at NAB, CBA and ANZ are tipping the consumer price index to drop from the 4.6 per cent annual rate clocked in March when fresh figures are released by the Australian Bureau of Statistics on Wednesday.
That's largely because of a temporary reduction in fuel taxes, rather than a softening in the underlying impulse.
Petrol prices fell about nine per cent over the month but because diesel prices still rose, NAB senior economist Taylor Nugent has pencilled in a seven per cent fall in automotive fuel.
