Australia Raises Rates to 15-Year High
The Australian Central Bank has raised interest rates to 4.6%, the highest level in 15 years, in an effort to curb the high inflation resulting from rising energy costs and regional conflicts. This increase follows four rate hikes since the beginning of the year, totaling 100 basis points, as inflation remains above the target range of 2-3%, reaching 4.6% in March and 3.5% in July, with August data expected soon. The bank warned of indirect effects of rising energy prices on continued inflation, amid a slowdown in economic growth to 2.1% in the second quarter.
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