Moderate Inflation Raises the Case for Interest Rate Pause

Published on January 10, 2024

The lower-than-expected growth in inflation has strengthened hopes about another interest rate pause by the Reserve Bank of Australia (RBA) in February. According to the latest data from the Australian Bureau of Statistics (ABS), the monthly CPI (consumer price index) rose 4.3 percent in the 12 months to November 2023, down from 4.9 percent in the previous month and marking the smallest annual increase since January 2022. If volatile items such as automotive fuel, fruit and vegetables, and holiday travel were excluded from the monthly CPI indicator, inflation grew by 4.8 percent in the year to November 2023, which was still lower than the annual rise of 5.1 percent in October....

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