Australian consumer prices increased by less than expected in April thanks to a government tax cut on fuel, data showed today, while core inflation ticked up as higher oil prices fed through to the broader economy.
Figures from the Australian Bureau of Statistics showed its monthly consumer price index rose 0.4% in April, from the previous month, while the annual pace slowed to 4.2%, from 4.6%.
Median forecasts had been for a rise of 0.6% in the month and an annual pace of 4.4%.
The trimmed mean measure of core inflation increased by 0.3% in the month, matching forecasts and nudging the annual pace up to 3.4%, the highest since late 2024 and further above the Reserve Bank of Australia's (RBA) target band of 2% to 3%.
The largest contributors to annual inflation were housing (+6.3%), transport (+6.6%) and food and non-alcoholic beverages (+2.8%).
