SYDNEY, Jan 24 Reuters Australian businesses conditions moderated for a third straight month in December, while price pressures began to ease, pointing to a likely peak in inflation, according to a business survey issued on Tuesday.

The results may reduce pressure on the Reserve Bank of Australia to increase interest rates at its next policysetting meeting, on Jan. 31.

The survey from National Australia Bank Ltd NAB showed its index of business conditions had fallen 8 points to 12 in December, although it remained still well above its longrun average.

The measure of confidence, on the other hand, improved 3 points to 1, remaining in negative territory for a second straight month.

Overall, the survey continues to point to a healthy level of activity with above average conditions and elevated capacity utilisation but a slowing in momentum with most indicators pulling back over the past three months or so, NAB said in a statement.

With confidence still in negative territory and well below average, and forward orders moderating further in the month, there are signs that conditions may ease further.

The survey showed inflation easing across the board. The RBA39;s board will consider whether to raise its policy interest rate for a ninth time at its next meeting.

Labour costs in the three months to December were 2 higher than in the three months to September. This showed a moderation in wage inflation, because in the SeptemberNovember period labour costs had been 2.8…