In assessing the likely impact of the March quarter consumer price data later today, here's a reminder from the minutes of the April 5 meeting of the Reserve Bank board which left rates unchanged.

"In the short term, however, the economic data were likely to be significantly affected by the earlier floods and cyclone.

"Headline inflation was likely to be quite high in the March quarter, while GDP would be held down, to a greater extent than earlier assumed, by the lost coal production and the delays in resuming mining operations.

"In reaching its decision, the Board would look through these fluctuations."

So when the expected jump in headline inflation is being reported with some of the worryworts among the commentariat going on about "rate rise looms", ignore it and consider what the RBA is going to do at its next board meeting next Tuesday.

Nothing, except receive updated internal forecasts (which will be published later next week in the next Monetary Policy Statement) and file the figures away to be brought out at the next few meetings for reference.

The March quarter inflation data, out