Australia CPI inflation slows to 3-year low of 2.7%
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FILE PHOTO: A woman poses by the Sydney Opera House, in Circular Quay, Sydney, Australia, May 14, 2024. REUTERS/Jaimi Joy/File photo
SYDNEY (Reuters) - Australian consumer price inflation slowed to a three-year low in August due to government rebates on electricity and a drop in petrol, while core inflation hit its lowest since early 2022 in a sign costs were cooling albeit gradually.
Data from the Australian Bureau of Statistics on Wednesday showed its monthly consumer price index (CPI) rose at an annual pace of 2.7% in August, down from 3.5% in July and dead in line with market forecasts.
A closely watched measure of core inflation, the trimmed mean, slowed to an annual 3.4%, from 3.8%, leaving it above the Reserve Bank of Australia's (RBA) 2-3% target band and a hurdle to cuts in interest rates.
(Reporting by Wayne Cole; Editing by Jacqueline Wong)
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