wednesday woes, page-32

The Reserve Bank of Australia said Wednesday its measure of inflation rose in the three months to June, but still within the central bank's target range, reducing the possibility of an interest rate hike

next month.

The RBA said both the weighted median consumer price index (CPI) and trimmed weighted mean

CPI rose 0.9 percent in the second quarter from January-March.

The weighted medium CPI rose 2.8 percent year-on-year versus the forecast consensus rise of 2.5

percent and the trimmed mean CPI grew 2.7 percent year-on-year versus the expected increase of also

2.5 percent.

The annual inflation rate remained within the RBA's 2-3 percent target, lessening the chances of an

interest rate hike next month. The central bank holds its next policy meeting on Aug 7 to determine whether to change its official cash rate from the current 6.25 percent.

In the first quarter, the RBA's weighted median CPI was up 0.5 percent quarter-on-quarter and rose

2.7 percent year-on-year while the trimmed mean measure of core inflation was also up 0.5 percent from the previous quarter and increased 2.7 pct from a year earlier