Australia inflation rises to 4.3% as RBA warns figures are too high
Briefing by News4U · First published
Australia’s headline CPI inflation accelerated to 4.3% and underlying inflation was 3.6% to September, The Guardian reported; RBA deputy governor Andrew Hauser called the numbers “too high” ahead of the bank’s 3 November decision.
Australia’s headline inflation rate has accelerated to 4.3%, while the Reserve Bank of Australia’s preferred underlying measure came in at an annual 3.6% to September, The Guardian reported from Australian Bureau of Statistics figures released Wednesday. [1]
RBA deputy governor Andrew Hauser described the inflation numbers as “too high” at Senate estimates shortly after the release. The CPI print comes ahead of the central bank’s next monetary policy decision on 3 November, when most economists are tipping another cash rate increase. The cash rate already stands at 4.6%, its highest level in 15 years. [1]
Transport costs have risen 8.7% over the past 12 months, largely on fuel prices tied to the US and Israel conflict with Iran. Food prices have also jumped another 3.2% in a year, and housing costs were up 5.2%. Housing was the largest contributor to annual inflation, followed by transport, according to the ABS, The Guardian reported. [1]
Sources
- Australia’s inflation rate rises to 4.3%, fuelling fears of fifth interest rate hike this year
The Guardian · · Full text