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Australian inflation jumps to 13-month high
AI Summary
- Australian inflation reached a 13-month high of 3.0% in August, surpassing market expectations.
- The data suggests reduced chances of an interest rate cut by the Reserve Bank of Australia.
- This release is seen as a positive indicator for the Australian dollar.
The Australian Bureau of Statistics reported on Wednesday that the annual Consumer Price Index rose by 3.0% in August, the fastest pace since July 2024. This exceeded both market expectations of a 2.9% increase and the prior reading of 2.8%.
The data highlights accelerating inflationary pressures on policymakers at the Reserve Bank of Australia, reducing the likelihood of an interest rate cut next week.
•This release is considered positive for the Australian dollar.
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