SydneyAnnual inflation hit 4.0% in August, up from 3.5%.
Australia’s Reserve Bank has raised rates a full percentage point this year, to 4.6%.
Fuel costs jumped 14.8% in the month on higher oil prices and the end of government tax relief, the statistics bureau said.
August’s 0.4% monthly rise came in under the 0.5% forecast, and swaps cut November hike odds to 20%.
Westpac chief economist Luci Ellis calls a November hike the base case.
How each outlet framed it
drawn from 100+ reports worldwide
- Reuters
- emphasizes fuel price surge (14.8% month-over-month) as driver of sticky broad-based inflation despite rate hikes
Sources: Reuters