Australian consumer prices grew at the slowest pace in over four years in the June quarter, with core inflation hitting a fresh three-year low, increasing the likelihood of an interest rate cut next month. The Reserve Bank of Australia paused its easing cycle this month, but market expectations are now leaning towards a 25 bps rate cut in August, with further cuts expected in the following months. Despite the data, the Australian dollar remained stable. The report highlighted subdued price gains in various sectors, with new housing costs and services inflation easing significantly, supporting the case for further monetary policy easing.

Read more at Yahoo Finance.: Australia Q2 inflation surprises on low side, heralds rate cut