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

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%.