New data from the Australian Bureau of Statistics (ABS) showed that in the June quarter of this year the consumer price index – commonly referred to as inflation – grew by just 0.8 per cent.
On a 12-month basis, inflation grew by 6 per cent, down from 7 per cent in the prior quarter.
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Today’s fall was largely within the expectations of financial markets, and may now increase the chances that the Reserve Bank of Australia (RBA) will hold interest rates steady when it meets next Tuesday.
