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The Reserve Bank of Australia is due to hold a monetary policy meeting on August 6.
The board said it remains resolute in its determination to return inflation to target and will do what is necessary to achieve that outcome.
Treasurer Jim Chalmers was upbeat about the figures, while the Opposition said Australians face uncertain economic times.
Inflation is still up year on year, with analysts predicting the Reserve Bank of Australia will keep rates on hold.
Reserve Bank of Australia governor Michele Bullock considered the impact of war on oil prices and inflation.
Most households and businesses are ’managing to adjust' to inflation and interest rates, the RBA believes.
The dive in inflation was largely accounted to a 30 per cent decline in fruit prices.
