The Reserve Bank of Australia said the cash rate will be increased by 25 basis points to 0.35% — the first rate hike since November 2010.
Analysts had widely expected the central bank to hike rates, given the rapid rise in inflation. Prices of food, petrol and other consumer goods were all up in the last quarter.
Australia's consumer price index jumped 2.1% for the first quarter in 2022, with prices of food, petrol and other consumer goods all surging.Australia hiked its interest rate for the first time in more than a decade, a widely expected move as consumer prices surge. Philip Lowe, governor of the Reserve Bank of Australia, said it is the right time to begin withdrawing some of the "extraordinary monetary support" that was put in place to help the Australian economy during the pandemic.
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