Australian Inflation Accelerates Amid Rising Fuel Costs

Australia's consumer inflation accelerated in August from a year earlier due to rising fuel costs.

The monthly Consumer Price Index rose by 0.4% in August from July, just below forecasts for a 0.5% gain.

The annual pace of inflation increased to 4.0% from 3.5%, according to data released by the Australian Bureau of Statistics on Wednesday.

Core inflation, measured by the trimmed mean, remained stubbornly high at 3.6% for a third consecutive month.

The Reserve Bank of Australia (RBA) raised interest rates to a 15-year high of 4.6% in response to sticky inflation, warning that further hikes may be necessary if needed.