Canberra, July 29 (QNA) – Australia’s annual inflation rate eased to 3.8% in June from 4.0% the previous month, while underlying inflation remained below the central bank’s forecast, according to data released on Wednesday by the Australian Bureau of Statistics (ABS).
The trimmed mean inflation rate, the Reserve Bank of Australia’s preferred measure of underlying inflation, held steady at 3.6%, below the central bank’s forecast of 3.8%.
Rachel McCrickard, head of price statistics at the ABS, said lower transport costs helped drive the decline in inflation, with fuel prices falling 10.9% in June as global oil prices retreated.
Treasurer of Australia Jim Chalmers described the inflation figures as reassuring after a period of economic volatility, saying they reflected continued progress in bringing inflation under control despite persistent global uncertainty.
Quarterly data also showed headline inflation easing to 3.9% from 4.0%, while the trimmed mean inflation rate edged up to 3.6% in the second quarter from 3.5% in the first quarter. (QNA)