© Reuters. FILE PHOTO: A man smokes next to the Reserve Bank of Australia headquarters in central Sydney, Australia February 6, 2018. REUTERS/Daniel Munoz
SYDNEY (Reuters) – A new monthly measure of Australian consumer prices on Thursday showed annual inflation eased slightly in August from July thanks to a steep drop in petrol prices, offering hope cost of living pressures might be close to a peak.
The data come before the Reserve Bank of Australia’s (RBA) policy Board meeting next week, where markets are wagering it will hike interest rates by 50 basis points to a nine-year high of 2.85%.
The Australian Bureau of Statistics (ABS) reported its monthly indicator of consumer prices (CPI) in August rose 6.8% from a year earlier. That was down from 7.0% in July and a return to June’s 6.8% level.
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