Inflation surges to 4% as rate hike pressure mounts
Australia's headline inflation jumped from 3.5% to 4.0% in August, driven by a nearly 15% surge in automotive fuel prices linked to the Middle East conflict. The Reserve Bank increased the cash rate to 4.6%, with underlying inflation holding at 3.6%, well above the RBA's target of under 3%. Former Reserve Bank Governor Philip Lowe has criticised the Albanese government, arguing it should be running sizeable budget surpluses instead of the current $23 billion deficit to reduce inflationary pressures.
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