Reported 9 months ago
Influenced by rising fuel prices, Australia's May Consumer Price Index (CPI) rose to a six-month high of 4%, with core inflation also increasing for the fourth consecutive month, leading to increased expectations of a rate hike at the Reserve Bank of Australia's (RBA) next meeting on August 5-6. The Australian dollar strengthened in response, with the AUD/USD exchange rate climbing during trading to 0.6679 US dollars. Economists warn that the current measures to assist with rising living costs, including tax cuts and subsidies, may further stimulate the economy before inflation is controlled.
Source: YAHOO