Annual inflation ticked up for a third straight month in December as food, energy costs rose, CPI report showed. But underlying price measure eased.

The new inflation figures published on Wednesday may be decisive for the Reserve Bank as it weighs a February interest rate cut. The outcome for the December quarter is the last substantial economic update before the rate meeting on February 18,

U.S. inflation likely worsened last month on the back of higher prices for gas, eggs, and used cars, a trend that could make it less likely that the Federal Reserve will cut its key interest rate much this year.

Japan’s consumer price growth picked up in December, adding to evidence of steady inflation just hours before the central bank announces its rate decision.

Australian consumer prices rose at the slowest pace in almost four years in the December quarter, while a pullback in housing costs helped cool core inflation and open the door to a cut in interest rates as early as next month.

News Corp Senior Writer Patrick Carlyon breaks down the latest data concerning Australia’s inflation numbers. “This is great news for Australians,” Mr Carlyon told Sky News host Danica De Giorgio. “These numbers do give the Reserve Bank ground to actually drop interest rates later this month.

Australia’s headline inflation rate dropped to a three-year low of 2.4% in the December quarter, according to the Consumer Price Index, adding to pressure for an interest rate cut by the Reserve Bank as soon as next month.

The chance of a Reserve Bank rate cut in February has improved considerably after underlying inflation came in below expectations for the December quarter.