1. The monthly Consumer Price Index (CPI) in Australia rose by 4.9% in the 12 months to July 2023, down from 5.4% in June.

2. Annual price rises are easing from the peak of 8.4% in December 2022.

3. Housing and electricity were the main drivers of inflation, with housing increasing by 7.3% and electricity rising by 15.7% year-on-year.

4. Food and non-alcoholic beverages contributed to inflation, while there were price falls for automotive fuel and fruit and vegetables.

5. The decision on whether the official cash rate will be raised or kept paused is less uncertain compared to previous months, as inflation is tracking down towards the Reserve Bank of Australia’s target band of 2%-3%.

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