Treasurer Joe Hockey has hailed the latest inflation figures as good news for Australian families.
The consumer price index rose just 0.2 per cent in the December quarter to be 1.7 per cent for the year.
This is below the Reserve Bank's two to three per cent inflation target and partly reflects a sharp drop in petrol prices.
Mr Hockey said that with the average price of petrol around 111 cents per litre, a typical family is saving over $22 per week compared with the middle of last year.
Electricity prices were unchanged after posting their largest fall on record in the September quarter.
"This means families are continuing to enjoy the benefits of the carbon tax being scrapped," Mr Hockey said in a statement.
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