(Adds quote, context, pars 1-4)
SYDNEY, July 28 (Reuters) - Australian bank Westpac said on Friday they expect the Reserve Bank of Australia to raise interest rates by 25 basis points to 4.35% in August, given concerns around services inflation.
"The detail around (Q2) services inflation and core inflation is less encouraging than the headline result," Bill Evans, chief economist at Westpac, said in a note to clients.
Headline inflation
slowed more than expected
in the second quarter, suggesting less pressure for another hike in interest rates and leading to some economists to pare back their rate calls.
Futures now imply just a 20% chance that the RBA would surprise with a hike in August, while pricing in a peak rate of 4.3% after the softer-than-expected
retail sales on Friday .
0#RBAWATCH
News: WBC UPDATE 1-Westpac expects RBA to hike by 25bps in August
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