News: Australia inflation eases in Q1, likely past the peak

SYDNEY, April 26 (Reuters) - Australian inflation eased from 33-year highs in the first quarter as the cost of living saw the smallest rise in more than a year, while core inflation dipped below forecasts suggesting less pressure for another hike in interest rates.

Data from the Australian Bureau of Statistics on Wednesday showed the consumer price index (CPI) rose 1.4% in the March quarter, just above market forecasts of 1.3%.

The annual pace slowed to 7.0%, from 7.8%, again above forecasts of 6.9%. For March alone, the CPI rose 6.3% compared to the same month a year ago, down from 6.8% in February.

A closely watched measure of core inflation, the trimmed mean, rose 1.2% in the March quarter, nudging the annual pace down to 6.6% and under forecasts of 6.7%.