Australia's consumer price inflation experienced an unexpected rise in April, primarily driven by escalating costs in food and housing, according to data released by the Australian Bureau of Statistics on Wednesday.
The consumer price index (CPI) increased by 3.6 percent year-on-year, surpassing the 3.5 percent rise recorded in March. Market forecasts had anticipated a decrease to 3.4 percent for April. Michelle Marquardt, the ABS head of prices statistics, commented, "Inflation has remained relatively stable over the past five months, although this marks the second consecutive month of a slight annual inflation increase."
Key contributors to the April inflation included housing, food and non-alcoholic beverages, alcohol and tobacco, and transportation prices.
The monthly CPI indicator, which excludes volatile items and holiday travel, remained steady at 4.1 percent in April.
Marcel Thieliant, an economist at Capital Economics, noted that the stalling disinflation suggests interest rates will stay elevated for an extended period. He further predicted that the central bank would likely not begin easing monetary policy until the next year.
