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Little prices, big smiles.

This is CBS, I am the world, I'm John Bachelor, to Australia.

A report on inflation as the U.S. and Europe deal with the after effects of the pandemic.

So does Australia, which was locked down longer than the U.S. and challenged with supply chain and with a burst of consumerism afterwards.

However, Scott of CBS News is going to guide me to the good news.

Right now, Reuters is saying, slowing Australia Q2, that second quarter.

Inflation, lessons rate height pressure.

Scott, a very good day to you. We've talked about the high price of everything here in the U.S. and in Australia.

Are you looking positive? Is this good news because the inflation story is a fight?

Yeah, John, yeah, it is a bit of good news. Finally, we're seeing a reduction of the inflation rates.

It was down to 6% for the month of June or for the quarter, I should say.

It was from a previous reading of 7%. It was just a tad higher even before then.

And this is a promising sign. Now, while inflation is coming down, it's still much more than what our reserve bank target range is.

And that was about 2% to 3%. But it is a positive sign.

It'll be nice to see the inflation come down. It means a lot.

It could mean some alleviation for people who have had increased rents or increased mortgage rates.

That's something which we're looking forward to. Things coming down.

Yes, Anthony Albanese, your prime minister.

Traveling to New Zealand to meet with Chris Hipkins, the prime minister of New Zealand, to discuss China.

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