Rate hike risk grows amid inflation acceleration
The fresh inflation reading comes as the Reserve Bank battles to tame persistent price pressures.
Household borrowers could be forced to stomach another rate hike as soon as August after fresh figures showed inflation surged higher last month, underlining the Reserve Bank’s struggle to contain simmering price pressures.
The monthly consumer price index, a measure of goods and services cost across the economy, jumped to 4 per cent in the year to May, the Australian Bureau of Statistics said on Wednesday, up from 3.6 per cent in April.
Economist had been expecting a more modest increase of just 3.8 per cent.
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