Australia's consumer prices climbed 0.4% in January, surpassing economist predictions as housing and healthcare expenses drove costs higher. The stronger-than-expected inflation data has increased speculation about potential interest rate increases.
Consumer prices in Australia jumped beyond expectations during January, driven primarily by increases in housing and healthcare expenses, according to new government data released Wednesday.
The Australian Bureau of Statistics reported that monthly consumer prices climbed 0.4% compared to the previous month, while yearly inflation held steady at 3.8%. Economic analysts had predicted smaller increases of 0.3% monthly and 3.7% annually.
Core inflation measurements, which exclude volatile items, gained 0.3% for the month and accelerated to 3.4% annually, up from December’s 3.3% rate. This exceeded economist expectations of 3.3% and has prompted financial markets to increase bets on a possible interest rate increase by May.
The inflation data suggests Australia continues to grapple with persistent price pressures, particularly in essential sectors like housing and health services, potentially complicating the central bank’s monetary policy decisions moving forward.
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