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Inflation data lands: RBA on notice
Housing and fuel costs drove the increase, while underlying inflation held at 3.6% and markets raised expectations for another rate hike.
- On Tuesday, the Reserve Bank lifted the official cash rate to 4.6 per cent as Australian Bureau of Statistics figures showed annual headline inflation jumped to 4 per cent in August from 3.5 per cent.
- The Reserve Bank has lifted interest rates four times this year as headline inflation remained above the 2-3 per cent target for the 13th straight month, pressuring policymakers to act.
- Housing costs rose 5.7 per cent, the largest contributor to annual inflation, while automotive fuel prices surged 14.8 per cent in August, driving transport costs up 5.6 per cent for the year.
- During a press conference in Melbourne on Wednesday, Prime Minister Anthony Albanese cited $178 billion in government savings while criticizing the Coalition's promise of $110 billion in new spending.
- The Reserve Bank warned it would lift rates "further if needed" to control inflation, with the Monetary Policy Board set to meet in early November to consider another increase.
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10 Articles
10 Articles
Sydney Morning Herald+3 Reposted by 3 other sources
Inflation surges after rate hike
Inflation jumped once again in August, as the RBA weighs up whether to deliver yet another rate hike.
·North Sydney, Australia
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Coverage Details
Total News Sources10
Leaning Left4Leaning Right2Center3Last UpdatedBias Distribution45% Left
Bias Distribution
- 45% of the sources lean Left
45% Left
L 45%
C 33%
R 22%
Factuality
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