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Australia's Fourth-Quarter Consumer Price Index Rose 3.5% Year-On-Year

In the fourth quarter of last year, Australia's consumer price index continued to rise to 3.5% year-on-year, higher than market expectations and the previous value of 3.2% and 3% respectively. This was mainly driven by higher fuel prices, global supply chain issues, material shortages and increased demand ahead of the Christmas holiday. On a quarterly basis, Australia's CPI rose by 1.3%, the largest increase in the past five quarters. The previous value rose by 0.8%. As for the annual censored average of CPI, which is closely watched by the RBA, it was 2.6%, which was higher than the market expectation of 2.4% and hit a new seven-year high. The strong inflation figures are exacerbating market expectations that the Reserve Bank of Australia may announce a halt to its bond-buying program and revise its previous monetary policy guidance at its interest rate meeting next week (1st) to prepare for an early interest rate hike.

Source: Investing.com 
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