Australia's Consumer Price Index grew by 3.4% in January, falling below analysts' expectations of a 3.6% increase, holding steady from December's level. The Reserve Bank of Australia's decision to maintain the cash rate at 4.35% earlier in the month reflects efforts to address inflation, with upcoming attention focused on the RBA's next cash rate decision scheduled for March 19, following a recent unexpected rise in wages.
At 11:30am, the S&P/ASX 200 is 0.13 per cent lower at 7,652.90.
The SPI futures are pointing to a fall of 2 points.
Best and worst performers
The best-performing sector is Information Technology, up 1.81 per cent. The worst-performing sector is Communication Services, down 1.09 per cent.
The best-performing large cap is NEXTDC (ASX:NXT), trading 9.37 per cent higher at $16.58. It is followed by shares in Pilbara Minerals (ASX:PLS) and IGO (ASX:IGO).
The worst-performing large cap is Steadfast Group (ASX:SDF), trading 4.22 per cent lower at $5.68. It is followed by shares in Meridian Energy (ASX:MEZ) and Worley (ASX:WOR).
Commodities and the dollar
Gold is trading at US$2039.50 an ounce.
Iron ore is 1.9 per cent higher at US$118.20 a tonne.
Iron ore futures are pointing to a 1.7 per cent rise.
One Australian dollar is buying 65.46 US cents.
