Australia consumer price inflation slows to 4-month low in July
2024.08.27 22:12
SYDNEY (Reuters) – Australian consumer prices rose at the slowest pace in four months in July as government rebates on electricity provided a temporary drag, while core inflation dipped to its lowest in six months in a sign costs were gradually cooling.
Data from the Australian Bureau of Statistics on Wednesday showed its monthly consumer price index (CPI) rose at an annual pace of 3.5% in July, down from 3.8% in June but just above market forecasts of 3.4%. The CPI was flat in July from June as costs for electricity and petrol fell, but rents and food rose.
A closely watched measure of core inflation, the trimmed mean, slowed to an annual 3.8%, from 4.1%. The CPI excluding volatile items and holiday travel dipped to 3.7%, from 4.0%, the lowest reading since early 2022.
