Australian consumer prices dipped month-on-month in January, dragged lower by a slowdown in housing costs and a drop in holiday travel, an outcome that should help reassure policymakers that inflation is heading in the right direction.

U.S. inflation slowed last month for the first time since September even as additional tariffs on steel and aluminum kicked in Wednesday that could send prices higher.

The rate of price increases on U.S. consumer goods and services dropped bit in February but are now likely headed the other way because of President Donald Trump's trade levies.