Australian Inflation Slows to 3.8%, Below Reserve Bank Forecast

Australia's inflation rate slowed to 3.8% in June, down from 4.0% in May, according to data released by the Australian Bureau of Statistics (ABS). The trimmed mean inflation rate, a key measure of underlying inflation used by the Reserve Bank of Australia, held steady at 3.6%, below the central bank's forecast of 3.8%. Lower fuel costs were a major factor in the decline, with prices falling 10.9% in June due to a drop in global oil prices.

Treasurer Jim Chalmers described the inflation figures as reassuring after a period of economic volatility, saying they reflected continued progress in bringing inflation under control despite persistent global uncertainty.