Australia’s consumer price index climbed 3.8% year-on-year in October, surpassing expectations of 3.6%.
Core inflation (the trimmed-mean measure) also picked up, reaching 3.3% versus 3.2% in September — a sign that inflation isn’t easing as quickly as hoped.
Housing costs rose notably, and there was a sharp increase in electricity prices after government rebates ended. These factors helped push inflation higher.
As a result, expectations that the Reserve Bank of Australia (RBA) would cut interest rates soon have been scaled back. Traders are now less confident in a near-term rate cut.
In short: inflation is proving stickier than expected in Australia, which means the RBA may wait longer before easing policy.
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