Australia's economy may have its problems, but inflation is not one of them.

"Consistent with a fairly subdued economy, lacklustre pace of domestic demand and quite patchy rotation of growth, we are seeing a fairly benign inflation environment," said RBC Capital Markets economist Su-Lin Ong.

Prices rose just 0.5 per cent during the September quarter, while the annual inflation rate has tumbled from 3 per cent to 2.3 per cent.

The biggest increases came from fruit prices, car expenses such as insurance and costs related to the hot property market, such as new home prices.

Petrol was cheaper and scrapping the carbon tax delivered the first quarterly fall in electricity prices for 15 years.

"We didn't get all of the impact that Treasury was forecasting. It had expected about a 9 per cent overall decline in electricity prices, we got a 5 per cent decline there," said Citi senior economist Joshua Williamson.

"We also got a 2 per cent increase in gas prices, so it could very well be that we are expecting some further price pass-through or it could actually be that what was expected was indeed too much."

However, the Federal Government was talking up the reduction in power costs.

"Ergon Energy delivered a 9.4 per cent, a 9.4 per cent, decrease in electricity prices," said Federal Environment Minister Greg Hunt.

Mother of four Josie Perata has not seen such generosity.

"I haven't noticed much change, but I've only had one bill since that's happened and it seems to me still quite high," she said.

One power company executive has acknowledged that consumers may not have seen much relief yet.

"All they have seen is increases; that's absolutely true and very significant increases," admitted Origin Energy's CEO Grant King.

"I think it's well understood that a key driver of those has been that combination of network charges increasing very significantly, and that comprises about 50 per cent of the bill, and of course an increase not just through carbon, but through renewable energy subsidies, etc.

"So all of those forces are moderating and that's why I think it is a much better outlook for customers going forward."

For the Reserve Bank and its interest rate deliberations there seems little on the horizon beyond the hot property market that looks likely to upset the benign outlook for inflation during the next six to 12 months.

"A very modest wages picture, well-behaved unit labour costs and modest capacity is likely to keep inflation fairly well-behaved," said Su-Lin Ong.

It all points to more of the same: stable interest rates as far as the eye can see.