Australia’s inflation rate comes in lower than expectations in February at 3.4%

Consumer price index shows inflation moderating, which will feed into next RBA decision on interest rates in May

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Inflation has held steady for the second month in a row, as cheaper meat and seafood helped offset increases in rents and automotive fuel.

The monthly index of consumer prices rose only 3.4% in the year to February, stabilising near the pace of the increases in January and December rate, the Australian Bureau of Statistics said on Wednesday. Economists had predicted February CPI would come in at 3.5%.