India, March 26 -- Australia consumer price inflation softened unexpectedly in February, raising hopes of another interest rate cut in coming months.
The monthly consumer price index rose 2.4 percent year-on-year in February, after holding steady at 2.5 percent in the previous two months, the Australian Bureau of Statistics reported Wednesday. Prices were expected climb 2.5 percent in February.
The largest contributors to the annual price growth were food and non-alcoholic beverages, alcohol and tobacco and housing. Annual housing inflation weakened to 1.8 percent due to the fall in electricity prices.
Annual trimmed mean inflation was 2.7 percent in February, which was down slightly from 2.8 percent inflation in January.
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