Australian inflation slowed to an eight-month low in February, due in part to a sharp retreat in prices for holiday travel and accommodation, bolstering the case for a pause in interest rate hikes next month.
Data from the Australian Bureau of Statistics on Wednesday showed its monthly consumer price index (CPI) rose 6.8% in the year to February, the slowest rise since June of last year. That compared with 7.4% the previous month and market forecasts of 7.1%.
The monthly CPI index rose 0.2% in February from January. Prices excluding volatile fruit, vegetables and fuel rose 6.9% in the year to February, down from 7.5% in January.