SYDNEY: Australia’s annual inflation rate has moved back into the central bank’s target range for the first time in more than two years, data showed Wednesday, all but ruling out more interest rate cuts. Consumer prices rose 0.5 percent in the March quarter, taking the annual rate to 2.1 percent, the Australian Bureau of Statistics said. This was up from 1.5 percent in October-December, but slightly below forecast. The reading is within the Reserve Bank of Australia’s 2-3 percent target band for the first time since the September quarter of 2014, boosted by price rises for petrol and electricity, which was partly offset by a drop in the cost of fruit. Underlying inflation, which smooths out volatile price swings, was at 1.8 percent. The dollar slid to 75.09 US cents, from 75.54 US cents, after the figures came out. Analysts said the data reduced any likelihood of more cuts to interest rates, which are already at record lows, as the RBA juggles a booming property market with mixed economic data. “The rise in underlying inflation in the first quarter, coupled with the RBA’s financial stability concerns, dramatically reduces the chances of any further interest rate cuts,” said Capital Economics’ chief Australia economist Paul Dales.