Australia’s June quarter inflation rate falls to 6%, ABS reports

Drop was more than expected by economists, increasing likelihood the Reserve Bank will extend its interest rate pause next week

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Australia's inflation rate fell more than expected in the June quarter, increasing the likelihood the Reserve Bank will extend its interest rate pause next week. However, rents rose at their fastest quarterly pace in 35 years.

The headline consumer price index for the April-June period was 6% higher than a year earlier, the Australian Bureau of Statistics said on Wednesday.