Oil price eases Australian consumer fears
Updated
A survey has found a turn around in the price of oil has helped ease consumers' inflation fears in Australia.
The survey by the Melbourne Institute found that for the first time in eight months, there's been a rise in the number of people who believe inflation will be contained over the next year.
Institute spokesman Sam Tsiaplias says the improvement in consumers' expectations has been driven by falling petrol prices, and is good news for the Reserve Bank.
"Any fall in inflationary expectations tends to be reflected in the wage claims and inflation in the future so I guess it gives some scope to the Reserve Bank board to start cutting back interest rates."
