Australian Inflation Remains Elevated Despite Slight Decline

The Australian economy continues to feel the effects of elevated inflation, according to the latest consumer price index (CPI) data from the Australian Bureau of Statistics.

The CPI increased by 3.8% in the 12 months leading up to June, down slightly from 4.0% in the previous quarter.

The Reserve Bank of Australia's (RBA) target inflationary range is between 2% and 3%, and while the current figure is still above this range, it is a slight improvement on recent numbers.

Housing was the biggest contributor to inflation, increasing by 6.8% year-over-year, while food and beverage and recreation and culture both rose by 3.3%

RBA Governor Michele Bullock noted that the bank would not consider lowering interest rates until inflation is back within its target range.