Australia’s inflation falls further than expected as prices rise at slowest pace in almost two years

The Reserve Bank will look closely at inflation figures when it makes its next decision on interest rates. Photograph: Ellen Smith/The Guardian

Australia’s inflation rate slowed in November, reinforcing expectations the Reserve Bank’s key interest rate has peaked.

The headline consumer price index for the month was 4.3%, down from October’s 4.9%. It shows prices were rising at their slowest pace since the 4.0% reported in January 2022, the Australian Bureau of Statistics said on Wednesday. Economists had forecast November’s CPI to be 4.4%.