RBA to Weigh Interest Rate Decision Amid Eased Inflation

Despite some relief for homeowners as inflation eased in July, there's no guarantee that the Reserve Bank of Australia (RBA) will keep interest rates on hold next month.

The Consumer Price Index (CPI), which measures inflation, rose 3.5 per cent in July, according to the Australian Bureau of Statistics (ABS).

This is down from 3.8 per cent in June, but still above the RBA's target range of between 2 and 3 per cent.

Housing was the largest contributor to inflation, accounting for a 5.0 per cent increase over the past 12 months, driven by rising costs for new dwellings, which rose 5.7 per cent in the same period.