Data from the Australian Bureau of Statistics on Wednesday showed the consumer price index (CPI) rose 0.2% in the third quarter, under forecasts of a 0.3% increase. Annual inflation dropped to 2.8%, from 3.8%, taking it back into the Reserve Bank of Australia’s (RBA) 2%-3% target band for the first time since late 2021.
The RBA is more focused on core inflation and the trimmed mean measure increased by 0.8% in the quarter, just above forecasts of a 0.7% gain. The annual pace slowed to 3.5% from 4.0%, with service-sector inflation still elevated.
Source: Economy - investing.com
