Australian inflation fell slightly in July, with the Reserve Bank of Australia expected to keep interest rates unchanged
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Australia's inflation data for July, released on Wednesday, showed that CPI rose by 3.5% year-on-year, slightly higher than expected but lower than the previous value. Core inflation stood at 3.8%. Due to easing inflation pressures, albeit not significantly, the Reserve Bank of Australia maintained the benchmark interest rate at a 12-year high of 4.35%. It is expected that there will be no rate cut and further policy tightening may be necessary to bring the inflation rate down to the 2%-3% range
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