SYDNEY (Reuters) -Australian consumer prices rose by the most in over two years in the September quarter as housing and travel costs climbed, data showed on Wednesday, while a shockingly sharp jump in core inflation seemed to rule out a near-term cut in interest rates.
The Australian Bureau of Statistics’ consumer price index (CPI) rose 1.3% in the third quarter, topping forecasts of a 1.1% increase. Annual CPI inflation jumped to 3.2%, from 2.1%, partly due to base effects and the impact of energy rebates.
The key trimmed mean measure of core inflation increased by 1.0% in the quarter, well above forecasts of a 0.8% gain and unwelcome news for the Reserve Bank of Australia which had looked for something nearer 0.6%. The annual pace rose to 3.0%, from 2.7%, the first acceleration since a peak of 6.8% in late 2022.
(Reporting by Wayne Cole; Editing by Himani Sarkar)
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