Australia’s rising inflation lifts risk of 4th rate hike

By ROD McGUIRK
Associated Press

CANBERRA, Australia (AP) — Australian inflation is rising farther, according to new data that increases the likelihood of the central bank next week hiking interest rates for a fourth consecutive month. The Australian Bureau of Statistics said on Wednesday inflation in the year through June was 6.1%, up from 5.1% in the year through March. Inflation only rose by 3.5% during the last calendar year. Economist Angela Jackson predicts the Reserve Bank of Australia will lift the cash rate by half a percentage point to 1.85% at its next monthly board meeting on Aug. 2. The bank made rises of that size in its July and June meetings. The rate rose by a quarter of a percentage point in May.