Inflation Eases to 3.5% in July, RBA Ponders Rate Decision

The Australian Bureau of Statistics has released new figures showing that inflation eased in July to 3.5%.

This is a slight decrease from June's rate of 3.8%, but still above the Reserve Bank of Australia's target range of 2-3%.

Housing remained the largest contributor to inflation, accounting for 5% growth over the past 12 months due to rising costs for new dwellings and materials.

Experts had predicted a lower rate of 3.3%, but despite this slight increase, the Reserve Bank is still considering keeping the cash rate on hold at 4.35%.