Australia Q3 CPI inflation beats expectations, RBA hike in focus
Investing.com-- Australian consumer inflation edged past expectations in the third quarter as a recent spike in oil prices factored into higher fuel costs, feeding bets that the Reserve Bank will have more cause to hike interest rates. inflation grew 1.2% in the third quarter from the prior quarter, data from the Australian Bureau of Statistics showed on Wednesday. The reading was above expectations of 1.1%, and the prior quarter’s growth of 0.8%.
Dwelling costs also grew at a steady clip, as did electricity rates. But food costs appeared to have stabilized after a series of strong quarterly gains. While the central bank has kept rates on hold since May, it has still left the door open for more hikes, especially if the inflation outlook points to the upside.
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