Australian inflation steady at 2.4 percent

CANBERRA, May 28 (Xinhua) -- Australia's annual rate of inflation remained steady at 2.4 percent for the third consecutive month in April, according to official figures.

The Australian Bureau of Statistics (ABS) revealed on Wednesday that the consumer price index rose by 2.4 percent in the 12 months to April, matching the rate of inflation in the 12-month periods to February and March.

ABS figures showed that the largest drivers of inflation in the year to April were a 3.1 percent increase in food and non-alcoholic beverage prices, a 2.2 percent increase in housing prices, and a 3.6 percent rise in recreation and culture prices.

"While annual inflation eased for most food categories in April, egg prices were up 18.6 percent in the past 12 months. This comes as supply has been affected by bird flu outbreaks," Michelle Marquardt, ABS head of prices statistics, said.

Annual trimmed mean inflation, the measure of underlying inflation preferred by the central bank, Reserve Bank of Australia (RBA), rose from 2.7 percent in March to 2.8 percent in April but remained within the RBA's target band of two to three percent.

Marquardt said trimmed mean inflation has remained "relatively stable" for the past five months.

The RBA's Monetary Policy Board on May 20 cut its official interest rate by 0.25 percentage points to a two-year low of 3.85 percent. Enditem