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Australian inflation accelerates on credit, fuel costs

Wednesday 23rd July 2008

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Inflation accelerated in Australia last quarter, on higher costs for fuel and credit, making it more likely the central bank will keep borrowing costs at a 12-year high.

The Consumer Price Index rose 1.5% in the June quarter from the previous three months, for an annual pace of 4.5%. The quarterly rate exceeded the median in a Bloomberg survey.

Economies globally are posting higher inflation on the back of fuel, food and raw material prices that have spiraled higher. New Zealand inflation sped to a faster-than-expected 1.6% rate in the second quarter.

In the second quarter, finance and insurance services costs rose 3.8% while transportation costs rose 3.1%, the Australian Bureau of Statistics said in its report today

The Reserve Bank of Australia's benchmark rate is 7.25%.

By Jonathan Underhill

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