Gate.io: Australia's latest inflation data is encouraging

IG data, August 28th news, Robert Carnell, an economist at ING, said that Australia's core inflation index dropped in July, which may bring hope that inflation is finally starting to react to interest rate hikes. Although the overall index did not drop as much as expected, there are still many reasons to be optimistic. The direction of inflation is back on track. The market seems to be following the overall poor data rather than the potential improvement in the situation, but ING is encouraged by these data, stating that it makes the rate cut in the first quarter of 2025 look less speculative. Supportive data on economic activity will be helpful. The GDP data for the second quarter to be released next week may provide reasons for the economic cooling and the prospect of dropping inflation.