Your 10-second guide to today's inflation report

Australia’s September quarter consumer price inflation report (CPI) is about to be released.

Australia’s September quarter consumer price inflation report (CPI) is about to be released.

Arriving just four times a year, it’s arguably the most important data release on the Australian economic calendar, especially when it come to the outlook for official interest rate settings.

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While it has undoubtedly lost some of its clout in recent years, seemingly taking a backseat to financial stability concerns at the Reserve Bank of Australia (RBA) under the leadership of Philip Lowe, it still carries the potential to move interest rate expectations in an instant.

No matter how you describe it, be it low, soft, weak or below target, inflationary pressures have been close to non-existent since early 2016, sitting at or below 2% for much of that period, reflecting similar outcomes abroad as well as elevated unemployment and sluggish economic growth domestically, at least up until recently.

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Despite improvement on those fronts over the past year, another weak inflationary print is expected to arrive today, largely reflecting the impact of one-off price declines during the quarter.

However, the RBA is expecting such an outcome, meaning it will have to be an unusually weak result in order to see the bank change its view that the next move in official interest rates is likely to be higher.

And if the surprise is in the other direction, it could see expectations for an earlier-than-expected rate hike lift substantially, particularly as financial markets are only pricing in a 60% probability of a 25 basis point increase by early 2020.

Here's the state of play.

The inflation report will arrive at 11.30am AEDT.

Business Insider will attempt to dissect it all as soon at it hits the screens.