Australia inflation slows in October

The RBA has expected consumer price inflation would peak at about 8% this quarter, but now that might be too pessimistic. — Bloomberg

SYDNEY: Australian inflation slowed in October as prices for fruit and vegetables fell sharply and holidays costs took a surprise dip, an unexpected turn that could mean interest rates will not have to rise as far as some expected.

Data from the Australian Bureau of Statistics yesterday showed its monthly consumer price index had risen 6.9% in the year to October, slowing from 7.3% in September.