Australia Annual Inflation Gauge At Record Low In October

(RTTNews) - Monday, TD Securities and the Melbourne Institute announced that the Australian inflation gauge rose 1.2% in the twelve months to October, well below the Reserve Bank of Australia’s inflation target of 2-3%. October’s annual inflation marks a record low in the history of the index.

The monthly inflation gauge slid 0.3% in October, after remaining steady in the previous two months. Last week, official data from the Australian Bureau of Statistics showed that consumer prices climbed 1.3% year-on-year in the third quarter, slower than the 1.5% rise in the second quarter. On a sequential basis, prices had increased 1%.

Commenting on the data, Senior Strategist at TD Securities Annette Beacher said that slowing inflation is likely to avert a more aggressive tightening of interest rates by the central bank when it holds its Monetary Policy Committee meeting on November 3. Economists widely expect the RBA to hike interest rates by 25 basis points to 3.50%.

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