Australia's inflation rate stays at 2.1%, but underlying inflation rises, likely keeping interest rates steady.

Australia's annual inflation rate held steady at 2.1% in October, meeting expectations and marking the lowest rate since July 2021. Despite a drop in electricity and fuel prices, underlying measures like the trimmed mean inflation increased to 3.5%, up from 3.2% in September. This suggests that the Reserve Bank of Australia (RBA) will likely maintain interest rates at 4.35%, with economists expecting a potential cut in early to mid-2025.

November 26, 2024
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