Consumer prices in Australia fell for the first time in 7-years in the first quarter of this year. Headline inflation was down 0.20% missing forecasts of a 0.20% increase and reversed sharply off Q4, 2015’s inflation rate of 0.40%. On a year over year basis, consumer prices grew at a slower pace of 1.30%, data from Australian Bureau of statistics showed early Wednesday. The lower than expected CPI print revived talks of further easing from the RBA over the coming months, which sent the AUDUSD sharply lower to an 8-day low following the release. The biggest deflationary factor came from a 2.50% decline in transport prices. The weighted mean CPI, which is a gauge used by the RBA, increased by 1.40% on an annualized basis in the first quarter of 2016, but still remained below the 2.00 - 3.00% inflation target range set by the RBA.