RBA Hike Risks Reignited as Australian Inflation Slows But Remains Elevated

Australia's inflation rate slowed less than expected in July, but still rose 3.5% year-over-year, according to data from the Australian Bureau of Statistics.

The consumer price index increased 1% on a monthly basis, exceeding expectations for a 0.8% rise.

This news has strengthened the case for another interest rate hike by the Reserve Bank of Australia (RBA), which has held its cash rate at 4.35% for two consecutive meetings.