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Australia Inflation Expectation 2.3% In January

Inflation is expected to rise 2.3 percent on year in January, the latest survey from the Melbourne Institute revealed on Thursday.

That's up from expectations for an increase of 2.1 percent in December, although it remains comfortably within the Reserve Bank of Australia's target range of 2 to 3 percent.

The increase in consumer prices has been attributed to the RBA's record low cash rate of 2.50 percent, as well as a weakening Australian dollar, the institute said.

"Consumer inflationary expectations across Australia have picked up slightly over the last two months, which likely reflected consumer expectations of modest improvement in activity in the coming months," the institute said in a statement. "Overall, consumer inflationary expectations remain moderate and this continues to provide support for the RBA's current accommodative stance of monetary policy."

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