Australia August inflation rises to 4 percent
Australian annual inflation accelerated to 4.0 percent in August driven by surging fuel and energy costs. The persistent price pressures prompted the Reserve Bank of Australia to raise interest rates to 4.6 percent.
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Australia consumer prices accelerated in August as fuel costs surged 14.8%, defying a series of central bank rate hikes. The monthly consumer price index rose 0.4% from July, pushing the annual pace to 4.0%. Sticky price pressures forced policymakers to lift borrowing costs to a 15-year high of 4.6%. Stubborn inflation now threatens to trigger the worst housing downturn in the country in three decades.
