Australia’s inflation rate rises to 4.3%, fuelling fears of fifth interest rate hike this year
Summary
Australia’s annual headline inflation rate rose to 4.3% in the year to September, while underlying inflation reached 3.6%. The figures have strengthened expectations that the Reserve Bank of Australia will raise its cash rate at its next meeting on 3 November.Key Facts
- The Australian Bureau of Statistics released the inflation figures on Wednesday.
- Headline inflation reached 4.3% annually to September.
- The Reserve Bank of Australia’s preferred underlying inflation measure was 3.6%.
- The RBA’s inflation target is 2.5%.
- The cash rate is 4.6%, its highest level in 15 years.
- Most economists expect the RBA to raise the cash rate at its 3 November meeting.
- The article says everyday costs are rising while unemployment is also increasing.
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