- Inflation rose 3.5 percent year-on-year through March, up from 3.4 percent in February
Australians may have to wait for an interest rate cut as inflation climbs again, putting it further above the Reserve Bank’s target as gas prices rise sharply.
In March, the consumer price index reached 3.5 percent, compared to 3.4 percent in February.
This meant that headline inflation was still above the RBA’s 2-3 per cent target.
The rise in oil prices jumped 8.1% on the year as the war between Israel and Hamas and now Iran pushed up crude oil prices, leading to gasoline being sold without premium lead at over $2.20 per liter in Sydney.
The quarterly inflation measure, however, showed some moderation, with the CPI rising 3.6 percent, compared to 4.1 percent in December.
Australians may have to wait for interest rates to fall as inflation remains above the Reserve Bank’s target.
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