The chance of the Reserve Bank of Australia (RBA) cutting interest rates for the first time in over a year is back in focus, with an important inflation report due on Wednesday that will likely impact the week's economic outlook.

The RBA's board will meet on Feb. 3 and 4.

Economists at ANZ Bank expect the upcoming quarterly consumer price index (CPI) update by the Australian Bureau of Statistics for December will show inflation lower than expected, which could offer relief to mortgage holders, AFR reported.

If inflation eases, the annual rate for the RBA's preferred inflation measure could drop by 0.3........

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