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Australia’s Cooling Inflation Opens Door to Early 2024 Rate Cuts

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SYDNEY—Australia’s inflation readings continued to cool rapidly for July and should be shifting the conversation in financial markets away from whether the peak in interest rates has been reached, to a far bigger discussion about the timing of coming interest-rate cuts.

The monthly consumer-price index rose 4.9% in the 12 months to July, well below the expected rise of 5.2%, and compares with an increase of 5.4% over the year to June, the Australian Bureau of Statistics said Wednesday. The stellar July result compares with…

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