Australia's Inflation Rate Slows Down Amid Lower Fuel Costs

Australia's inflation rate slowed down in June as fuel costs eased from their peaks, according to data released by the Australian Bureau of Statistics on Wednesday.

The consumer price index (CPI) rose by 0.6% in the second quarter, following a 1.4% increase in the first quarter. Annual CPI dropped to 4.0%, down from 4.1%. Core inflation measured by the trimmed mean metric increased by 0.8%, which was lower than market forecasts for 0.9%

The Reserve Bank of Australia (RBA) had raised interest rates three times this year, but with core inflation undershooting forecasts and pressure easing, markets now expect just a 4% chance of another hike next month.