Australia Inflation Moderates To 8-Month Low

(RTTNews) - Australia's consumer price inflation moderated to an eight-month low in July, the Australian Bureau of Statistics said Wednesday.

Consumer prices rose 3.5 percent on a yearly basis, following a 3.8 percent rise in June. This was the weakest since last November.

On a monthly basis, consumer prices advanced 1.0 percent, reversing a 0.1 percent fall in the previous month.

Data showed that housing was the largest contributor to annual inflation, which climbed 5.0 percent. The next largest contributors were food and non-alcoholic beverages and recreation and culture, rising 3.2 percent and 2.6 percent, respectively.

Trimmed mean annual inflation remained unchanged at 3.6 percent in July.

ABS head of price statistics Rachael McCririck said housing rose 5.0 percent due to rising costs for new dwellings. The increase in food inflation reflects higher prices for Meals out and takeaway.

Annual inflation for transport advanced to 1.6 percent from 0.1 percent in June.