Australia’s inflation rate accelerated to 4.3% in September, putting it above the Reserve Bank of Australia (RBA) target range as policymakers approach their next policy decision.
The Australian Bureau of Statistics (ABS) said consumer prices rose 4.3% over the year to September, following a 4.0% annual increase in August. The reading topped a 4.2% forecast and was the strongest since March; trimmed mean inflation was 3.6%.
The Melbourne Institute Monthly Inflation Gauge also moved higher in October, extending its run of gains to four months. Recreation and transport costs made the largest contributions.
U.S. prices rose 3.7% over the year through September, compared with Australia’s 4.3%. Australia’s September figure also exceeded the RBA’s 2% to 3% target range.
The RBA’s next rate decision is scheduled for Tuesday, Nov. 3, a date EconoTimes identified in an earlier preview of Australia’s September inflation test.
