Inflation fell to 4.9 per cent in July as fuel and food prices eased, with the result making it more likely the Reserve Bank will hold interest rates steady in September.
Data from the Australian Bureau of Statistics released on Wednesday showed inflation eased by 0.5 per cent, exceeding expectations.
"When excluding these volatile items, the decline in annual inflation is more modest at 5.8 per cent in July, compared to 6.1 per cent in June," Ms Marquardt said. Tightness in the rental market is likely to continue, with a shortage of supply and rising immigration numbers keeping upward pressure on prices.
"The Energy Bill Relief Fund provides eligible households with rebates ranging from $43.75 to $250 in July," she said.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
'May present adjustment costs': Climate key for RBAIncoming Reserve Bank Governor Michele Bullock has warned increased volatility and higher energy costs caused by climate change could make it harder to control inflation.
Read more »
Monthly inflation rate falls to 4.9 per cent from 5.4 per centSky News Business Editor Ross Greenwood says the monthly inflation rate has fallen to 4.9 per cent from 5.4 per cent.
Read more »
Expectation for ‘the cash rate to remain on hold’ ahead of July’s monthly indicationSky News business reporter Edward Boyd says there is expectation for “the cash rate to remain on hold” with the monthly indication for July expected to show inflation is starting to slow when the report is released on Wednesday. “The expectation from Bloomberg surveys, it is going to fall from 5.4 per cent in June down to 5.2 per cent – so a gradual decline in inflation,” Mr Boyd told Sky News Australia. “Obviously the Reserve Bank is going to look at this very closely because we have got the cash rate decision coming up on Tuesday next week. “If it comes in as expected, expect the cash rate to remain on hold on Tuesday at 4.1 per cent.”
Read more »
Eurozone bond yields edge higher ahead of inflation dataGermany and Spain will release inflation data on Wednesday. France, Italy and the euro area’s aggregate numbers are due on Thursday.
Read more »