Australia’s inflation rate eased last month to its lowest level in 17 months, led by falling prices for fresh produce and automotive fuel, reducing the likelihood the Reserve Bank will need to raise interest rates again.
The consumer price index for July came in at an annual rate of 4.9%, the Australian Bureau of Statistics reported on Wednesday. That rate was slower than the 5.4% pace in June, and compared with economists’ forecast that CPI would drop to 5.2%.
