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Rate Hike Likely After Inflation Rises Again
Housing and petrol drove the annual pace higher, with the Reserve Bank already lifting rates four times this year.
- Australian Bureau of Statistics figures released on Wednesday show headline inflation came in at 4.3 per cent for the 12 months until September, up from 4 per cent in August.
- Petrol prices jumped 9.4 per cent in September after a 14.8 per cent increase in August, while housing costs climbed 5.2 per cent annually as builders passed on higher construction expenses.
- Regional data shows inflation at 4.3 per cent in Sydney and 4 per cent in Melbourne, while Adelaide , Hobart , and Darwin experienced significantly higher price pressures.
- The ASX200 fell 0.4 per cent after the figures released, while the Australian dollar rose on expectations the Reserve Bank will pursue a rate hike when it meets next week.
- Treasury Secretary Jenny Wilkinson warned that global economic conditions, including geopolitical disruption and uncertainty, are becoming difficult to absorb, though she rejected suggestions government spending drives inflation.
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Sydney Morning Herald+3 Reposted by 3 other sources
Inflation jumps to 4.3 per cent, fuelling prospect of Cup Day rate rise
The highest monthly jump since March puts intense pressure on the Reserve Bank to deliver another interest rate increase when it meets next Tuesday.
·North Sydney, Australia
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Inflation Australia rises to 4.3% in September / XinhuaThe consumer price index (CPI)... Source
Coverage Details
Total News Sources11
Leaning Left3Leaning Right2Center3Last UpdatedBias Distribution38% Left, 37% Center
Bias Distribution
- 38% of the sources lean Left, 37% of the sources are Center
38% Left
L 38%
C 37%
R 25%
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