Australia annual inflation slows to 6.8% in February -ABS

SYDNEY  – A measure of Australian consumer prices rose by less than expected in February thanks in part to a sharp retreat in holiday travel and accommodation, adding to the case for a pause in interest rate hikes next month.

Data from the Australian Bureau of Statistics on Wednesday showed its monthly consumer price index (CPI) rose 6.8 percent in the year to February, compared to 7.4 percent the previous month and market forecasts of 7.1 percent.

The monthly CPI index rose 0.2 percent in February, from January. Prices excluding volatile fruit, vegetables and fuel rose 6.9 percent in the year to February, down from 7.5 percent in January.