Inflation rises to 4% stoking concern interest rates could increase again
The consumer price index increased to its highest level in 2024, indicating the Reserve Bank is unlikely to cut interest rates soonFollow our Australia news live blog for latest updatesGet our morning and afternoon news emails, free app or daily news podcastAustralia’s monthly inflation rate increased to its highest level in 2024 in the latest indication that the Reserve Bank won’t be cutting interest rates soon and might yet hike again.Consumer prices rose 4% last month from a year earlier, the Australian Bureau of Statistics said on Wednesday. That compared with the 3.6% pace recorded for April, and the 3.8% rate expected for May by economists. The jump in May’s inflation was propelled in part by automotive fuel prices, which were up 9.3% from a year earlier. Electricity prices were also up 6.5%, quickening from April’s 4.2% pace, while food price increases eased to 3.3% from April’s 3.8%. Continue reading...
The consumer price index increased to its highest level in 2024, indicating the Reserve Bank is unlikely to cut interest rates soon
- Follow our Australia news live blog for latest updates
- Get our morning and afternoon news emails, free app or daily news podcast
Australia’s monthly inflation rate increased to its highest level in 2024 in the latest indication that the Reserve Bank won’t be cutting interest rates soon and might yet hike again.
Consumer prices rose 4% last month from a year earlier, the Australian Bureau of Statistics said on Wednesday. That compared with the 3.6% pace recorded for April, and the 3.8% rate expected for May by economists.
The jump in May’s inflation was propelled in part by automotive fuel prices, which were up 9.3% from a year earlier. Electricity prices were also up 6.5%, quickening from April’s 4.2% pace, while food price increases eased to 3.3% from April’s 3.8%. Continue reading...
