SYDNEY (AP) — Inflation in Australia has slowed to its lowest rate in three years, the country’s official statistics agency said Wednesday, raising hopes of a “soft landing” for the nation's economy.
The Australian Bureau of Statistics said the latest consumers price index, or CPI, fell to 4.1%, down from 5.4% in September.
The result means annual inflation rate is now at its lowest level since December 2021, while quarterly inflation was 0.6%, down from 1.2% in September.
The decline was faster than market expectations for a 4.3% annual increase and a 0.8% quarterly rise.