Inflation slows to 3.5%, Woolworths’ profit declines, ASX recovers from earlier losses — a summary of the day’s events.

Inflation slowed to 3.5 percent in the year to July, according to the latest Bureau of Statistics data. Woolworths’ annual profit dropped by 93 percent due to a significant write-down in the value of its New Zealand supermarkets, while the Australian share market closed the day flat.