Australia inflation picks up in second quarter, but core measure slows

Data from the Australian Bureau of Statistics showed the consumer price index rose 1% in the June quarter, matching market forecasts. — Reuters

SYDNEY: Australian consumer price inflation accelerated in the June quarter but a downside surprise in core inflation led markets to abandon all thought of further rate hikes and wager on an easing as early as November.

Data also showed retail sales topped forecasts in June but sales volumes for the second quarter still declined, suggesting tight monetary policy is working to constrain consumer demand.