Australian borrowers face series of interest rate hikes as inflation rises again

Deltafx Admin 12 January 2023

The monthly consumer price index (CPI) rose 7.3 percent through November, back to the same level as in September ( 6.9 percent in October).

The inflation rate is the most important factor the Reserve Bank of Australia considers in deciding how fast and how far it will raise interest rates.

The ABS’s head of price statistics, Michelle Marquardt, said the latest monthly data showed that inflationary pressures in the economy continued.

Housing, which includes the cost of building a new home and rental prices, was one of the biggest contributors, rising 9.6 percent last year.

Ms. Marquardt said high labor and material costs contributed, but there are signs that inflationary pressures in residential construction are easing.

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