Australian July Inflation Surprises Higher
Australian consumer prices rose faster than expected in July driven by higher fuel costs. Core inflation also exceeded forecasts, raising the risk of another interest rate hike by the Reserve Bank.
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Insights:
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Australia consumer prices rose 1.0% in July, pushing the annual rate to 3.5% and driving the AUD/USD up 0.3% to $0.7183. The upside surprise exceeded forecasts of a 0.8% monthly rise.
