This article is from: srnnews.com
SYDNEY, April 29 (Reuters) – Australian consumer prices surged in the first quarter as war in the Middle East drove up energy costs, while core inflation was again uncomfortably high for policy makers and added to pressure for a hike in interest rates next week.
Data from the Australian Bureau of Statistics out on Wednesday showed its consumer price index (CPI) jumped 1.4% in the first quarter, the sharpest rise since late 2023. Annual CPI inflation accelerated to 4.1% in Q1, from 3.6%, while March alone shot up to 4.6%.
The key trimmed mean measure of core inflation increased by 0.8% in the quarter, just under forecasts of a 0.9% gain. The annual pace picked up to 3.5%, from 3.4%, and further above the Reserve Bank of Australia target band of 2% to 3%.
(Reporting by Wayne Cole; Editing by Tom Hogue)
Brought to you by www.srnnews.com
