SYDNEY (Reuters) -Australian consumer inflation held steady in April as higher health and holiday costs offset a drop in petrol prices, although the monthly measure tends to be volatile and left hopes for more interest rates cuts mostly intact.

Hopes of back-to-back rate cuts slid on Wednesday after inflation data came in higher than the previous month despite April usually being a month for price hikes.

Further interest-rate cuts appear likely, after the Australian central bank signaled last week growing concerns about the global growth outlook.