Inflation jumped 1.3% in the September quarter, above economists’ and the Reserve Bank’s own expectations. That is likely to rule out a cut in interest rates next week.
The Australian Bureau of Statistics today released the consumer price index (CPI), showing headline inflation was almost double the 0.7% increase recorded in the June quarter.
Over the year to September, consumer prices climbed 3.2%, a big increase from 2.1% in the previous quarter, and above the top end of the central bank’s target.
