Australia's sharp inflation slowdown reinforces view RBA hike-cycle is over

Pedestrians walk past the Reserve Bank of Australia building in central Sydney. — Reuters

SYDNEY: Australia's inflation slumped to a near two-year low in November and core inflation also eased sharply, a softer-than-expected result that reinforced market expectations interest rates would not need to rise any further.

Data from the Australian Bureau of Statistics on Wednesday showed its monthly consumer price index (CPI) rose at an annual pace of 4.3% in November, the slowest pace since January 2022. That was down from 4.9% in October and under market forecasts of 4.4%.