SYDNEY (Reuters) – A new monthly measure of Australian consumer prices on Thursday showed annual inflation eased slightly in August from July thanks to a steep drop in petrol prices, offering hope cost of living pressures might be close to a peak.

The data come before the Reserve Bank of Australia’s (RBA) policy Board meeting next week, where markets are wagering it will hike interest rates by 50 basis points to a nine-year high of 2.85%.

The Australian Bureau of Statistics (ABS) reported its monthly indicator of consumer prices (CPI) in August rose 6.8% from a year earlier. That was down from 7.0% in July and a return to June’s 6.8% level.