Australia’s annual inflation accelerated to 4% in August — ABC News Australia

Australia’s annual headline inflation stood at 4% in August, accelerating from 3.5% in July. ABC News reports, citing new statistical data.

Core inflation remains stable

Inflation measured by the trimmed mean, which the Reserve Bank of Australia considers its priority indicator of core inflation, remained at 3.6% for the third consecutive time. This indicator has remained unchanged for three months.

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Rate increase

The data were released the day after the Reserve Bank of Australia raised interest rates for the fourth time since the beginning of the year. As ABC News notes, the regulator is seeking to reduce inflation and prevent it from becoming entrenched in the country’s economy.

On Tuesday, the bank’s Monetary Policy Board raised the cash rate target by 0.25 percentage points, from 4.35% to 4.6%. Following this decision, interest rates in Australia reached their highest level in 15 years.