Australia's inflation rate has cooled in the June quarter, dragging the annual headline rate below the central bank's target in the 2 to 3 per cent range.

The consumer price index rose 0.2 per cent in the June quarter, missing economists' expectations for a 0.4 per cent rise, figures from the Australian Bureau of Statistics showed.

Inflation rose 1.9 per cent in the year to June 30, and is back below the Reserve Bank of Australia's 2-3 per cent target band. 

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