According to Odaily Planet Daily, Australia's weighted CPI annual rate in July was 3.5%, slightly higher than the 3.4% expected by economists. The adjusted core index average rose by 3.8%, higher than 4.1% last month.
Australia’s inflation gauge cooled in July, suggesting price pressures were starting to ease in the current quarter and bolstering the Reserve Bank’s case for keeping interest rates unchanged.
Economist James McIntyre said the CPI data is likely to be a focus of the central bank's deliberations along with the second quarter GDP data. The RBA is expected to remain unchanged and maintain a tightening bias to ensure inflation expectations are under control.
