Indicators
Australian Inflation Cools, RBA Set to Retain Hawkish Bias
- Core consumer prices declined for a second month in July
- Australian government subsidies take effect this quarter
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A gauge of Australian monthly inflation cooled in July, suggesting price pressures began to ease in the current quarter though not fast enough to warrant early interest-rate cuts.
The consumer price indicator climbed 3.5% from a year earlier, down from 3.8% and just above economists’ estimate, government data showed Wednesday. The trimmed mean core measure, which smooths out volatile items, advanced 3.8% versus 4.1% a month earlier. The result was driven by slowing price growth in clothing and footwear, electricity and fuel.