Data from the National Bureau of Statistics released on Wednesday morning in Australia showed that the annual inflation rate of the Consumer Price Index (CPI) in the country slowed down in February after stabilizing for two consecutive months.
According to the data, the Consumer Price Index in Australia recorded a growth of 2.4% year-on-year in February, which was lower compared to market expectations that indicated an annual inflation growth rate maintaining the same pace as the previous month, which was 2.5%.
The inflation data in Australia is a key measure of consumer prices and economic health, significantly influencing market movements and the currency. A rise in prices will prompt the Reserve Bank of Australia to increase interest rates to contain inflation, which will have a strong impact on the movements of the Australian dollar.
According to official statistics, the decline in food and non-alcoholic beverage prices by 3.1% contributed to limiting the annual inflation rate increase in Australia in January.
The rise in inflation in Australia to record 2.4% was driven by increases in several sectors, notably: food and non-alcoholic beverages (3.1%), housing (1.8%), and alcohol and tobacco prices (6.7%).
