Australia’s Inflation Cools, Boosting Case for Rate Pause
- Result was driven by oil price gains slowing from high levels
- Traders pared bets on another RBA hike to about 50% from 70%
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Australia’s monthly inflation gauge snapped two months of acceleration in October, bolstering the case for the Reserve Bank to resume pausing interest rates next week.
The consumer price indicator rose 4.9% from a year earlier, the first reading for the fourth quarter and lower than economists’ estimate of 5.2%, Australian Bureau of Statistics data showed Wednesday.