International Economic Week in Review: Did a Weak Service and Construction Sector Cause Australia's Rate Cut?

     Last week, the RBA lowered Australian interest rates 25 basis points, to 1.75%.  The press release contained the following paragraph:

Inflation has been quite low for some time and recent data were unexpectedly low. While the quarterly data contain some temporary factors, these results, together with ongoing very subdued growth in labour costs and very low cost pressures elsewhere in the world, point to a lower outlook for inflation than previously forecast.

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