Inflation in Australia rose to a five-month high in April this year. This figure is due to the rise in petrol prices and other costs. As a result, it is feared that the country’s central bank will not reduce the interest rate soon. Data from the Australian Bureau of Statistics showed on Wednesday (May 29) that the country’s monthly consumer price index rose 3.6 percent in April on an annualized basis, up from 3.5 percent in March. At the same time, the forecast is more than 3.4 percent. Moreover, core inflation rose to 4.1 percent from 4 percent. Moreover, the Australian dollar rose by just 0.1 percent to 0.66657. Three-year bond futures fell another two ticks to 95.93. Families are under financial pressure due to rising cost of living. In such a situation, interest rates may rise further to keep inflation under control. The Reserve Bank of Australia is cautious about inflation, working to keep the inflation target at two to three percent. However, the central bank of Australia has predicted that it may take until the latter half of 2025 to bring inflation within the target.
