Australia’s cost of living came in flat for the month of October, but it is unlikely to be enough to sway the Reserve Bank into cutting interest rates.
Fresh figures released by the Australian Bureau of Statistics on Wednesday show the nation’s inflation rate was unchanged for the month, coming in at 0.0 per cent.
However, due to the -0.2 per cent figure in October last year, Australia’s yearly inflation rate has now jumped to 3.8 per cent.
Prior to the release of the monthly inflation data, market estimated the yearly consumer price index would fall to 3.6 per cent – but CBA economists forecast it would “need to be unusually low” for any interest rate cut bets.
More to come.
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