Australiaâ€™s core consumer prices matched economistsâ€™ forecasts last quarter sending the currency higher as traders bet the central bank will keep interest rates on hold in the near term.
The trimmed-mean gauge of core prices rose 0.6 percent from the previous quarter, the Bureau of Statistics said Wednesday, matching the median forecast of 23 economists. The consumer price index advanced 0.7 percent from the prior three months, compared with economistsâ€™ forecast for a 0.8 percent increase.
Reserve Bank of Australia Governor Glenn Stevens has cut the benchmark interest rate twice this year to a record-low 2 percent. Policy makers are trying to reinvigorate domestic industries to spur hiring as they seek to extend 24 years of growth and are likely to look through inflation driven higher by a weaker currency and higher oil price.
Source : Bloomberg