The Bureau of Stats has revealed the rate of inflation remained steady in February as the Consumer Price Index stayed at 3.4% for the third month in a row. That came as a bit of a surprise given predictions that last month’s Taylor Swift mania would deliver an inflation bump after her Eras tour rolled into Melbourne and Sydney and saw fans spend upwards of $558 million. In part, the minimal effect of all that spending by Swifties is attributed to other Aussies reining in their travel and hotel expenditures after the peak Christmas period. One expert called the result “a touch better than feared”. That’s because the rate is still above the Reserve Bank’s target of 2-3%, meaning the interest rate cuts mortgage holders are hoping for could still be some way off.