Australia’s inflation rate rises to 4.3%, fuelling fears of fifth interest rate hike this year
CPI release comes ahead of Reserve Bank decision next week as the Middle East conflict intensifies the cost of living crisis Australia’s headline inflation rate has accelerated to 4.3%, with a key gauge that strips out volatile prices also elevated, sharpening expectations of another interest rate rise next week. The Reserve Bank of Australia’s preferred measure of consumer prices, called…
Australia's inflation rate surged to 4.3% in September, raising concerns about a potential fifth interest rate hike this year, according to the latest Consumer Price Index (CPI) release. The Reserve Bank of Australia's preferred measure of consumer prices, referred to as underlying inflation, was 3.6% over the same period. The Central Bank's officials have suggested the board might need to raise borrowing costs further to bring price growth back to the 2.5% target.
The CPI figures released by the Australian Bureau of Statistics indicate that everyday costs are rising as unemployment also increases, exacerbating the living cost crisis and political unease among Australian voters.
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