Lower than expected inflation rate suggests worst of the price increases may be over
Australia’s annual inflation rate in January eased, implying the worst of the price increases may be over as the economy absorbs a record run of interest rate hikes.Australian Bureau of StatisticsThe Reserve Bank would add the CPI numbers to a batch of other statistics – including a pick-up in the– when it considers whether to lift its cash rate for a 10th consecutive meeting when its board gathers next Tuesday.
Markets interpreted the CPI and GDP data as reflecting a reduced risk of higher interest rates. The dollar lost almost a quarter of a US cent to drop below the 67 US-cent mark, while stocks pared their losses for the day. Still, there were signs of weakening price pressures, with fruit and vegetables becoming 2.3% cheaper for the month. While prices for food and non-alcoholic beverages rose 8.2%, the increase was less than the 9.5% annual increase in December.
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