Australia's February inflation was 3.4%, lower than expected, supporting the Reserve Bank's decision to keep interest rates unchanged.

Australia's February inflation came in at 3.4%, slightly lower than expected, signaling that price pressures would likely continue to retreat over coming months. This lower-than-expected inflation rate supported the Reserve Bank's decision to keep interest rates unchanged at a 12-year high in February. The annual rise in the consumer price index (CPI) eased to 3.9% from January's 4.1%, still above the RBA's 2-3% target band.

March 26, 2024
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