Australia’s Monthly Inflation Rate Undershoots Expectations

SYDNEY—Australia’s monthly inflation indicator came in well below expectations in October, offering some assurance that price pressures are easing across the economy after a spike up in the third quarter, while ruling out the prospect of further policy tightening until next year.

The consumer-price index indicator rose 4.9% in the 12 months to October, compared with an expected rise of 5.2%, the Australian Bureau of Statistics said on Wednesday. The result is down from 5.6% in September and below the peak of 8.4% in December last year.