$A remains above 88 US cents ahead of CPI January 22, 2014 - 6:49AM The Australian dollar is lower but remains above 88 US cents following hotter-than-expected New Zealand inflation data. At 0630 AEDT on Wednesday, the Australian dollar was trading at 88.05 US cents, down from 88.19 cents on Tuesday. Data out of New Zealand on Tuesday showed higher-than-expected inflation with a rise of 0.1 per cent in the December quarter. The surprise fuelled expectations that Australian data, to be released on Wednesday, could show a rise in inflation, which would take further cash rate cuts off the table.