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Australian inflation rises slower than predicted

Economists had expected consumer prices to rise 0.6% in the quarter and 2.3 from a year earlier but inflation rose more slowly than expected. Consumer prices rose 0.5% in the first quarter from the fourth quarter of 2016 and were up 2.1% instead, according to the Australian Bureau of Statistics. Core inflation rose 0.5% in the quarter and by 1.8% from a year earlier.

The Reserve Bank of Australia expects a slow rise in inflation back toward its desired 2-3% target band over coming years. The RBA is reluctant to lower interest rates to spur activity because of concerns it will add more pressure to an already frothy property market.

Interest rates are already at a record low 1.5% and many economists expect they will remain on hold this year and potentially through 2018.

source: foxbusiness.com

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