Australian inflation rose 3.8 per cent on year in June, the first annual rise since December 2022 and a figure likely to test central bankers’ patience ahead of next week’s interest rate decision.
The inflation data, issued by the Australian Bureau of Statistics, showed a 1 per cent quarterly rise in the consumer price index which was slightly higher than anticipated but not necessarily enough to force the Reserve Bank of Australia to raise rates, according to economists.
Housing and food drove the rise with fruit and vegetable prices up 6.3 per cent, the highest quarterly increase since 2016, as unfavourable growing conditions boosted the price of grapes, blueberries, tomatoes and capsicums.
