Australia’s Monthly Inflation Rises to 4 Percent in May

Published on June 26, 2024

Australia’s monthly inflation rate has risen again in May, raising concerns about the possibility of another interest rate hike. New data from the Australian Bureau of Statistics (ABS) showed that the monthly consumer price index (CPI) rose 4 percent in the year to May 2024, up from 3.6 percent in April. The new rate was also higher than market expectations of a 3.8 percent annual increase and marked the third consecutive rise since February. Price growth in May was driven by increases in several goods and service categories, including housing (up 5.2 percent), food and non-alcoholic beverages (up 3.3 percent), transport (up 4.9 percent), and alcohol and tobacco (up 6.7 percent)....

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