Australian Inflation Accelerates Above RBA’s Midpoint: Economy

Australian inflation unexpectedly accelerated above the mid-point of the central bank’s target range last quarter, reducing scope for policy makers to lower interest rates further.

The trimmed mean gauge of core prices rose 2.6 percent in the three months through December from 12 months earlier, the Bureau of Statistics said in Sydney today, compared with the median forecast of 23 economists for a 2.3 percent gain. The consumer price index advanced 2.7 percent, compared with economists’ forecast for a 2.4 percent increase.