Australia’s inflation rate rose 1.2% in September quarter boosted by higher fuel prices
Quarterly CPI was higher than economists' expectations and will increase speculation that the Reserve Bank may again raise interest rates
Australia's inflation rate quickened in the September quarter, boosted by higher petrol prices, adding to pressure on the Reserve Bank to hike interest rates again.
The headline consumer price index rose 1.2% in July-September, up from 0.8% in the June quarter, the Australian Bureau of Statistics reported on Wednesday. Economists had expected the quarterly rate to come in 1.1%.
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The RBA has left its key interest unchanged at 4.1% for the past four months. Ahead of today's inflation numbers, markets were pricing in about a one-in-three chance that the central bank would lift the cash rate to 4.35% at the 7 November meeting.