Australia inflation slows more than expected in October

AUSTRALIAN consumer price inflation slowed more than expected in October, while core inflation also edged down, a result that adds to the case against another rise in interest rates as soon as next week.

Data from the Australian Bureau of Statistics on Wednesday showed its monthly consumer price index (CPI) rose at an annual pace of 4.9 per cent in October, down from 5.6 per cent in September and below market forecasts of 5.2 per cent.

A closely watched measure of core inflation, the trimmed mean, rose an annual 5.3 per cent in October. The CPI excluding volatile items and holiday travel slowed to 5.1 per cent, the lowest since April 2022. REUTERS