Australia’s annual inflation eases to 7.4% in January following record run of interest rate hikes

Lower than expected inflation rate suggests worst of the price increases may be over

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Australia's annual inflation rate in January eased, implying the worst of the price increases may be over as the economy absorbs a record run of interest rate hikes.

The consumer price index for the month was 7.4%, compared with 8.4% for December alone, the Australian Bureau of Statistics said on Wednesday. Economists had been predicting the January CPI would be 8.1%.

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