RTTNews reports that according to the report from the Australian Bureau of Statistics, Consumer prices in Australia were up 0.7 percent on year in the third quarter of 2020, in line with expectations, following the 0.3 percent decline in the previous three months.

On a quarterly basis, inflation climbed 1.6 percent following the 1.9 percent contraction in the three months prior. Economists had expected a 1.5 percent increase

The RBA's trimmed mean was up 0.4 percent on quarter and 1.2 percent on year after slipping 0.1 percent on quarter and gaining 1.2 percent on year in Q2.

The RBA's weighted median was up 0.3 percent on quarter and 1.3 percent on year after rising 0.1 percent on quarter and 1.3 percent on year in the previous three months.