Australia’s Inflation Rate Jumps Back to 4 Percent
The consumer price index rose 0.4 percent in the month of August, the Australian Bureau of Statistics reported on Sept. 30.
TL;DR
- Australia's annual headline inflation rate reached 4 percent.
- Higher oil prices are contributing to the increased inflation.
- The consumer price index increased by 0.4 percent in August.
- The Reserve Bank of Australia raised interest rates to 4.6 percent.
- The trimmed mean inflation rate held steady at 3.6 percent annually.
- The current inflation rate remains above the RBA's 2-3 percent target.