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Inflation has risen again, according to the latest data from the Australian Bureau of Statistics, likely pushing back any chance of interest rate cuts and possibly even opening up the potential for another rate hike.
The consumer price index for the 12 months to April was 3.6 per cent – above market expectations for a fall to 3.4 per cent.
“Yearly inflation increased to 3.6% this month from 3.5% in March. Inflation has been relatively stable over the past five months, although this is the second month in a row that annual inflation has seen a slight increase,” ABS head of price statistics Michel Marquardt said.
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