Australia Inflation Hits 4.09%: Interest Rate Hike Prospects Rise

Australia's inflation rate reached 4.09% in the first quarter, surpassing the 2-year high mark but lower than the 4.2% anticipated by economists. Prices increased by 1.4% from the previous quarter, while March inflation stood at 4.6%, the highest since the monthly CPI data began in 2025. The Reserve Bank of Australia, having raised rates to 4.1% in March, indicated that inflation is expected to remain above its 2%-3% target. The central bank's latest minutes expressed concerns that inflation may persist due to rising oil prices and global uncertainties, influencing upcoming monetary policy decisions.