Home Business Good for the Australian dollar! Australia’s CPI in the fourth quarter hit a 33-year high, and further interest rate hike expectations are heating up Provider FX678

Good for the Australian dollar! Australia’s CPI in the fourth quarter hit a 33-year high, and further interest rate hike expectations are heating up Provider FX678

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Good for the Australian dollar! Australia’s CPI in the fourth quarter hit a 33-year high, and further interest rate hike expectations are heating up Provider FX678
Good for the Australian dollar!Australia’s CPI in the fourth quarter hit a 33-year high, and further interest rate hike expectations are heating up

According to data released on January 25, Beijing time,Australia’s CPI annual rate in the fourth quarter of 2022 was 7.8%, a 32-year high and the highest level since March 1990. This result suggests that inflation in Australia remains very strong even after a 3 percentage point rate hike from May to December 2022.

“Inflation in Australia may have peaked, but it’s still too high,” said Su-Lin Ong, head of fixed income strategy at Royal Bank of Canada.The data may dictate a 25 basis point rate hike in February, and a prudent approach may also be a 25 basis point rate hike in March, eventually reaching 3.6%.

Rising prices for food, motor fuel and new home construction underpinned the annual rate of Australian CPI, data from the Australian Bureau of Statistics showed. Domestic and international travel-related expenses saw the biggest price increases, rising 13.3 percent and 7.6 percent, respectively.

The annual rate of CPI in Australia is as follows:

Economists surveyed had expected Australia’s second-quarter CPI to rise 7.5%, below the RBA’s forecast of 8%. Goods prices rose 9.5%, slightly down from 9.6% in the previous quarter – and the cost of services rose 5.5%, the most since 2008.

The trimmed annual rate of the central bank’s CPI in the fourth quarter of Australia was 6.9%, the highest level since the Australian government began releasing this information in 2003.

AUD/USD daily chart

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At 13:34 on January 25th, Beijing time, the Australian dollar traded at 0.7101/02 against the US dollar

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