The National Statistics Office in Australia announced today, Wednesday, inflation data in the country during the month of November.
Inflation in Australia increased by 7.3%, while expectations indicated that it would rise by 7.2%, and it is also higher than the reading recorded in Australia during the previous month of October, which amounted to 6.9%.
Data showing the return of high inflation in Australia comes at a time when most other major economies recorded a slowdown in the rate of inflation, as the United States and the euro zone witnessed a decline in the growth rate of consumer prices during the same period.
It is noteworthy that the Reserve Bank of Australia had only raised interest rates at its last meeting in early December by 25 basis points for the third time in a row.
Inflation data in Australia is considered a basic measure of consumer prices and the health of the economy and strongly affects market and currency movements, as rising prices will push the Reserve Bank of Australia to raise interest rates to contain inflation, which will be strongly reflected in the movements of the Australian dollar.