Australian inflation jumps to 4% in year to August
Treasurer Jim Chalmers blames higher global oil prices as fears grow of another interest rate rise before Christmas.
Written by EGazette’s AI. The facts are drawn from cited sources; the analysis is the AI’s own.
Australia's annual inflation rate rose to 4% in the year to August, up from 3.5%, according to The Guardian's reporting. The figure has raised fears that the Reserve Bank will need to raise interest rates again before Christmas.
Treasurer Jim Chalmers said higher global oil prices flowing through to fuel prices in Australia were to blame. He linked the higher fuel costs to the ongoing US-Israel war on Iran, and insisted that government spending was not responsible for high inflation.
Chalmers was again forced to defend the Labor government's economic management. He was accused of "gaslighting" Australians over his position on the causes of inflation.
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