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Australia Inflation Forecast +3.4% In October - Westpac

Consumer prices are expected to rise 3.4 percent on year in October, the latest forecast from Westpac Bank and the Melbourne Institute revealed on Thursday.

That's down slightly from the 3.5 percent annual increase forecast in September.

The trimmed mean came in at 3.3 percent, the data showed.

"Inflationary expectations have clearly eased back; maybe for now falling petrol prices are more important in the formation of expectations than a falling AUD," Westpac noted in a release accompanying the data. "Consumers are increasing seeing a very benign outlook for inflation."

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