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Australia inflation slows to 4.3% in Nov, core down sharply

Published 01/09/2024, 07:40 PM
Updated 01/09/2024, 08:50 PM
© Reuters. The Central Business District (CBD) skyline is pictured at sunset in Sydney, Australia, June 4, 2021. REUTERS/Loren Elliott/File Photo

SYDNEY (Reuters) - Australian consumer price inflation dropped to a near two-year low in November and core inflation also slowed sharply, a soft result that reinforced market expectations interest rates would not need to rise any further.

© Reuters. The Central Business District (CBD) skyline is pictured at sunset in Sydney, Australia, June 4, 2021. REUTERS/Loren Elliott/File Photo

Data from the Australian Bureau of Statistics on Wednesday showed its monthly consumer price index (CPI) rose at an annual pace of 4.3% in November, down from 4.9% in October and under market forecasts of 4.4%.

A closely watched measure of core inflation, the trimmed mean, rose an annual 4.6%, down sharply from 5.3% in November. The CPI excluding volatile items and holiday travel slowed to 4.8%, from 5.1%.

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