Australia’s Melbourne Institute Inflation Gauge rose 0.9% in July, sharply higher than the 0.1% increase reported for June. The annual pace of inflation held steady at 2.4%, matching the previous month’s reading. The stronger monthly print suggests price pressures picked up at the start of the third quarter even as year-on-year inflation remains within the Reserve Bank of Australia’s 2%-3% target band. Economists said the data lowers the likelihood that inflation will undershoot the central bank’s goal, reinforcing expectations that the RBA can keep monetary policy settings steady in the near term.