The consumer price in Australia rose only slightly in July despite increased energy cost from the imposition of the carbon tax from July 1, a survey released on Monday by the investment dealer TD Securities and the Melbourne Institute of Applied Economic and Social Research found.

The TD Securities-Melbourne Institute Monthly Inflation Gauge rose by just 0.2 percent in July, following a fall of 0.2 percent rise in June, TD Securities said.

In the twelve months to July, the Inflation Gauge increased by only 1.5 percent, the lowest annual rate in nearly three years, the survey showed.

A 10.3 percent jump in utility prices, reflecting the imposition of the carbon tax, combined with price rises in alcohol and tobacco and newspapers, book and stationery, contributed to the overall changes in July, TD Securities said.

These rises were offset by price falls in automotive fuel, insurance and financial services, and holiday travel and accommodation.

Head of Asia-Pacific Research at TD Securities Annette Beacher said the Gauge confirmed that pricing pressure outside of the immediate impact of the carbon tax remained weak.

"We will continue to monitor the Gauge for signs of opportunistic price rises," she said in a statement.

According to Beacher, the Australian economy is almost in the global minority exhibiting potentially above-trend growth and low inflation.

She expects that the Reserve Bank of Australia will leave cash rates unchanged at 3.5 percent at its August board meeting on Tuesday.