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MNI BRIEF: Lower Feb CPI Print Adds to RBA Pause Case

(MNI) Sydney
Policy NewsCentral Bank NewsAPACAustraliaBriefStoryRBARegion

Australian consumer inflation weakened in February, strengthening the case for the Reserve Bank of Australia (RBA) to hold off on further interest rate increases at the upcoming April 4 board meeting.

The monthly Consumer Price Index fell to 6.8% y/y in February from January’s 7.4% – the second consecutive monthly fall, according to Australian Bureau of Statistics (ABS) data published Wednesday. The indicator peaked at 8.4% in December 2022. Housing rose 9.9%, food and non-alcoholic beverages increased 8%, while transport added 5.6%, the ABS said in a statement.

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Australian consumer inflation weakened in February, strengthening the case for the Reserve Bank of Australia (RBA) to hold off on further interest rate increases at the upcoming April 4 board meeting.

The monthly Consumer Price Index fell to 6.8% y/y in February from January’s 7.4% – the second consecutive monthly fall, according to Australian Bureau of Statistics (ABS) data published Wednesday. The indicator peaked at 8.4% in December 2022. Housing rose 9.9%, food and non-alcoholic beverages increased 8%, while transport added 5.6%, the ABS said in a statement.

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