Australia consumer inflation surprises on high side in April

By Thomson Reuters May 28, 2024 | 8:44 PM

SYDNEY (Reuters) – Australian consumer price inflation unexpectedly rose to a five-month high in April due in part to increases in petrol, health and holiday costs, adding to risks the next move in interest rates might be upward.

Data from the Australian Bureau of Statistics on Wednesday showed its monthly consumer price index (CPI) rose at an annual pace of 3.6% in April, up from 3.5% in March and above market forecasts of 3.4%.

A closely watched measure of core inflation, the trimmed mean, also accelerated to an annual 4.1%, from 4.0%.

The CPI excluding volatile items and holiday travel stayed at an annual 4.1%.

(Reporting by Wayne Cole; Editing by Tom Hogue)