Consumer price inflation in Australia softened to a three-year low in August due to government subsidies for electricity prices, while core inflation touched its lowest since early 2022 in the welcome progress that could ultimately open the door to rate cuts.

Australia's inflation eases to 3-year low in August, core inflation also declines

Australian Treasurer Jim Chalmers said he's hopeful the next data on hand will show encouraging progress in the fight against inflation but is less certain whether or not the central bank would be ready to cut interest rates this week, according to a report by a Bloomberg.

Australian treasurer anticipates progress in combating inflation

Australian inflation eased to a four-month low in July as government rebates on electricity bills took effect. However, the moderation in price gains elsewhere fell short of expectations, leading markets to scale back the likelihood of an imminent interest rate cut.

Australia's inflation cools in July, though progress remains sluggish