Interest Rate Cut Hopes Rise as Inflation Holds at 2.4 Percent

Housing, education and food costs rose, but easing rent and insurance kept inflation steady at 2.4 percent, lifting hopes for an RBA rate cut.

People shop in the confectionery section of a supermarket in Western Australia on May 4, 2024. Susan Mortimer/The Epoch Times

Australia’s inflation rate held steady in the March quarter, bolstering hopes for a rate cut ahead of the Reserve Bank of Australia’s (RBA) next meeting on May 19.

The Australian Bureau of Statistics (ABS) reported a 0.9 percent rise in the Consumer Price Index (CPI) this quarter and a 2.4 percent annual increase, unchanged from December.