RBA Interest Rate Hike Now Unlikely in August Amid Soft Inflation Data

The Reserve Bank of Australia (RBA) may not raise interest rates in August due to lower-than-expected inflation numbers. The consumer price index rose 3.8% in the year to June, down from 4.0% in May.

This is the most important economic data the RBA will receive before its next meeting on August 10-11.

The trimmed mean, the RBA's preferred measure of underlying inflation, remained steady at 3.6%. Housing was the largest contributor to annual inflation, increasing by 6.8% in the year.