CANBERRA, Sept. 22 (Xinhua) -- Upcoming official data is expected to show progress in the fight to reduce inflation in Australia, the nation's treasurer has said.
Jim Chalmers said on Sunday that the monthly consumer price index (CPI) data for August, which will be released by the Australian Bureau of Statistics (ABS) on Wednesday, is forecast to show that inflation is easing.
"Most economists expect that number will be down and it will show a further welcome progress toward lower inflation in our economy, whether it's in the low threes or in the high twos," he told Sky News Australia.
"We've seen some good progress, some welcoming, encouraging progress. We'll learn a bit more about that on Wednesday," he said.
The CPI rose 3.5 percent in the 12 months to July, according to the ABS, down from 3.8 percent in the year to June but still above the target band of 2-3 percent set by the Reserve Bank of Australia (RBA).
The August data will be released one day after the RBA, Australia's central bank, hands down its latest decision on interest rates, which have been on hold at 4.35 percent since November 2023 in a bid to slow inflation.
The U.S. Federal Reserve earlier in September cut rates by half a percentage point but Chalmers said on Sunday that would not necessarily lead to a cut in Australia. ■