Australian inflation below expectations

Australia’s inflation rate slowed more than expected in October. Australia’s consumer price index rose by 4.9 percent in the 12 months to October. Economists had predicted it would fall to 5.2 percent from 5.6 percent the previous month. The overall inflation rate was 4.8 percent, the lowest since January 2022. According to data released by the Australian Bureau of Statistics (ABS), the most significant price increases were in housing, food and non-alcoholic drinks, as well as transport.