Australia’s CPI inflation rate Soars to 6.8%, Leaving RBA rate hikes in April in doubt.

Australia’s CPI (consumer price index) inflation drop more than predicted to an 8-month low in Feb, according to statistics released on Wednesday.

According to figures from the (ABS) Australian Bureau of Statistics. (CPI) Consumer price index inflation increased by 6.8 percent in the year to Feb.

After rising to an over-30-year peak of 8.4 percent in Dec. The figure indicated consumer price index inflation at its lowest level since June 2022. Marking the second consecutive month that inflation has decreased.

After the report, the Australian dollar dropped 0.2 percent. Although the ASX 200 index recovered some of its earlier losses on the expectation of a less aggressive The Reserve Bank of Australia.

Due to pressure from high rates & inflation, the Australian economy has saw a sharp decline in growth. And the bank recently indicated that it is considering pausing its rate hikes.