Annual headline inflation fell to 6.9 per cent in October, well below market expectations and all but guaranteeing a normal 0.25 percentage point interest rate rise at next week’s Reserve Bank of Australia board meeting.
Annual CPI had been expected to grow 7.6 per cent month-on-month, but a sharp fall in food prices, in particular fruit and vegetables, and holiday costs and accommodation instead led a decline.
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Ronald Mizen is the Financial Review’s political correspondent, reporting from the press gallery at Parliament House, Canberra. Connect with Ronald on Twitter. Email Ronald at ronald.mizen@afr.com