Australia Q1 Inflation Rises to 4.1 Percent Amid High Costs
Australian consumer prices rose 1.4 percent in the first quarter, pushing annual inflation to 4.1 percent. High core inflation adds pressure for rate hikes.
Australia consumer prices rose 1.4% in the first quarter as energy costs climbed following conflict in the Middle East. Annual inflation accelerated to 4.1%, up from 3.6% in the previous quarter, while March prices alone rose 4.6%. High core inflation increases the probability that the Reserve Bank of Australia will raise interest rates next week.
### Core Inflation Breach Puts Rates in Play Data from the Australian Bureau of Statistics showed the trimmed mean measure of core inflation rose 0.8% in the quarter, just under forecasts of a 0.9% gain. The annual core pace reached 3.5%, up from 3.4%, exceeding the Reserve Bank of Australia target range of 2% to 3%.
