SYDNEY--Inflation in Australia was lower-than-expected in the first three months of the year, with wages growth remaining flat, likely keeping interest locked at record lows for some time.
Consumer prices rose 0.4% in the first quarter and were up 1.9% from a year earlier, the Australian Bureau of Statistics said Tuesday. Economists had expected consumer prices to rise 0.5% in the quarter and 2.0% from a year earlier.
The Reserve Bank of Australia, which targets an annual inflation rate of between 2% and 3%, has kept official interest rates at a
...