Stretched Australian households will be hoping to see the cost of living ease when official figures are released.
Inflation is still rising but has been coming off its 8.4 per cent peak in December, with the monthly consumer price index weakening a little more in June.
After growing by 5.5 per cent in May, the index released by the Australian Bureau of Statistics fell to 5.4 per cent in the 12 months to June.
The monthly index is considered more volatile than its quarterly counterpart and is less comprehensive, with some price data only available quarterly.
The July data, due to be released on Wednesday, will play into the Reserve Bank's upcoming interest rate decision.
The central bank has been jacking up interest rates in response to fast-rising inflation but has left the cash rate on hold for two consecutive months.
But the RBA has kept further increases on the table, and signs of persistent inflationary pressures will add to the case for more tightening in coming months.
In a note, Westpac economists flagged electricity as a key source of uncertainty over the next few months.
State energy rebates and the timing of bill increases were singled out as two key risks complicating the likely trajectory for inflation in the September quarter.
New construction work done and building approvals data will also be released on Wednesday and reveal any activity under way in the key sector.
The sector, which is tipped to endure a slowdown in new building projects as the economy slows, is expected to bear the brunt of a weakening jobs market.
Deloitte Access Economics expects the unemployment rate to increase to 4.5 per cent by mid-2024, with the group expecting blue collar workers - dominated by the construction sector - to be hit hardest by the slowdown.
Analysis by the firm points to a 0.5 per cent decline in the blue collar workforce in 2023/24, which would amount to 18,800 workers.
Pockets of strong employment growth are expected in other industries, including the human services workforce which is expected to swell by 2.3 per cent in 2023/24.
© AAP 2023