Australia’s monthly inflation steady at 3.4% in January

The consumer price indicator advanced 3.4% from a year earlier, below economists’ estimates of 3.6% and unchanged from December. — Reuters

Canberra: Australian inflation surprisingly remained steady in January, supporting the case for the Reserve Bank of Australia (RBA) to begin cutting interest rates later this year.

The consumer price indicator advanced 3.4% from a year earlier, below economists’ estimates of 3.6% and unchanged from December, Australian Bureau of Statistics data showed yesterday.