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 even as they retreated 5.1% during the month itself.Sign up for Guardian Australia’s free morning and afternoon email newsletters for your daily news roundup Continue reading...

admin admin
Jun 25, 2024 - 21:59
0 0
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 soon

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 even as they retreated 5.1% during the month itself.

Sign up for Guardian Australia’s free morning and afternoon email newsletters for your daily news roundup Continue reading...

Read More