Australia's Inflation Rate Eases to 2.8% in September Quarter, Falls Within RBA's Target Range
Australia's annual inflation rate slowed to 2.8% year on year in the September quarter from 3.8% in the preceding three-month period, falling back within the Reserve Bank of Australia's target, data from the Australian Bureau of Statistics showed Wednesday.
The consensus forecast was for a 2.9% print, according to Trading Economics.
The country implemented energy rebates starting in July, translating to cheaper electricity costs for households in September.
Of the segments that registered price growth, the recreation and culture group and the alcohol and tobacco sector led the pack with a 1.3% increase each, followed by food and non-alcoholic beverages with 0.6%.
Compared with the previous month, the consumer price index rose 0.2% in the three months to September.
The RBA, which is set to hold a policy meeting on Nov. 4 to 5, has kept the interest rates at a 12-year high of 4.35% in a bid to bring the inflation back to its target of 2% to 3%.
Source : MT Newswires
