Economists believe a high headline inflation reading would increase the chances of a rate rise in the first week of August.
A rate rise of a quarter of a percentage point on August 3 would add $52 a month to repayments on an average $300,000 home loan, and give the coalition the impetus to argue that Labor's spending has added to inflationary pressures.
In 2007, the Reserve Bank of Australia raised rates only three weeks before election day, helping to sink John Howard's prime ministership.
Labor strategists are likely to be nervously watching inflation data this morning to see whther rates could rise in the middle of the election campaign.
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Prime Minister Julia Gillard will be campaigning in her childhood city of Adelaide as consumer price index data for the June quarter is released at 11.30 AEST.
Both Labor and the coalition have sought to make the cost of living an issue of this campaign.
A day after Ms Gillard stumbled on Sydney radio broadcaster Alan Jones' 2GB program, Mr Abbott will submit himself for interview with the same top-rating presenter.
Mr Abbott visited Sydney's Circular Quay early this morning, as Ms Gillard's glossy profile in the Australian Women's Weekly hits news stands.
Regardless of the inflation reading, Ms Gillard is likely to be grilled today about a Nine Network report she opposed paid parental leave when she was deputy prime minister under Kevin Rudd.
