SYDNEY (Reuters) – A measure of Australian consumer prices rose by less than expected in January thanks to a drop in the cost of travel, clothing and fruit and vegetables, a promising sign inflation might be past its peak.
Data from the Australian Bureau of Statistics on Wednesday showed its monthly consumer price index (CPI) rose 7.4% in the year to January, unwinding an alarming surge to 8.4% in December and well under market forecasts of 8.0%.
The ABS said prices excluding volatile fruit, vegetables and fuel rose 7.2% in the year to January, down from 8.1% in December.
(Reporting by Wayne Cole; Editing by Shri Navaratnam)