RBA Set to Raise Interest Rate to 4.60% Amid Elevated Inflation

The Reserve Bank of Australia (RBA) is expected to raise its interest rate to 4.60% in September, following two consecutive meetings where rates remained unchanged.

This decision is largely due to Australia's elevated inflation levels, with the monthly Consumer Price Index (CPI) increasing by 1.0% in July and annual inflation remaining at 3.5%.

RBA Governor Michele Bullock's words and the Monetary Policy Statement will be crucial in determining the next interest rate move, as investors await cues on further rate hikes.