The monthly inflation gauge by TD Securities and the Melbourne Institute shows consumer prices rose by only 0.2 per cent in July, with the annual rate hitting a three-year low of 1.5 per cent.
The carbon tax, combined with regular new financial year price hikes, led to a significant jump in utility prices - electricity costs rose almost 15 per cent, gas and other household fuel prices increased a touch over 10 per cent.
TD Securities says the scale of the utility price increases was in line with Treasury's forecasts.
These rises were offset by falling petrol and diesel costs, and price falls for insurance and financial services, and holiday travel and accommodation.
TD Securities head of Asia-Pacific research Annette Beacher says, outside of utilities, there was no evidence of the carbon tax pushing up prices.
"We looked closely at food, airfares, some electrical appliances, we looked at the other sectors that were meant to have an impact of the carbon tax and we don't see anything," she observed.
"So while the first round effects have certainly been on energy prices in July we have to keep looking at this gauge on a month to month basis to see if it actually starts creeping through into other sectors."
Annette Beacher says she was surprised by the lack of a wider carbon tax impact on prices.
"There is absolutely a first round impact of the carbon tax on utilities, but certainly we've found next to no evidence of the carbon tax on any of the other expenditure classes," she said.
However, she also notes that may change as businesses start receiving higher utility bills and pass on some of their higher energy costs.
The Reserve Bank has said it would look through the inflationary impact of the carbon price, and the latest TD Securities monthly inflation gauge indicates that it can afford to, with underlying consumer price measures falling 0.1 per cent in July.
The RBA's preferred underlying measures remove the most volatile price swings from the index, which in this case takes utility price rises out, and leaves the annual rate of inflation at just 1.4 per cent.
However, Ms Beacher does not expect the Reserve Bank to respond by cutting rates.
"At this stage I don't think there's any great need to change interest rates where they are, but it certainly leaves them in a good position to cut the cash rate without harming the economy or sending an incorrect message if something happens in say Europe, or the US or offshore," she concluded.