Inflation further cools in Australia as confidence of 'soft landing' grows

Australia has reported inflation slowed in the last quarter to its lowest rate in three years, raising hopes of a ‘soft landing’ for the nation’s economy. The Australian Bureau of Statistics revealed the latest consumers price index (CPI) data had slowed to 4.1%, down from 5.4% at the last quarterly update in September. The result means the annual inflation rate is at its lowest level since December 2021. The latest results will support the case that inflation is being tamed, moderating the need for the Reserve Bank of Australia to lift its official cash rate when it next meets on Feb. 6.