Shock as inflation goes up in Australia in April despite 11 interest rate hikes
Shock as inflation rises in Australia despite 11 rate hikes as experts reveal why the pain just keeps coming
- Inflation rose by 6.8 percent in April
- This was more than the 6.3 percent increase in March
Inflation has risen despite the Reserve Bank raising interest rates 11 times a year.
The official monthly measurement for April showed a reading of 6.8 percent, up from 6.3 percent in March, the Australian Bureau of Statistics announced on Wednesday.
The figures were revealed after Reserve Bank of Australia Governor Philip Lowe told a parliamentary hearing that inflation could remain high if wage increases did not coincide with productivity improvements.
“The problem is weak productivity growth,” he told the Senate Economics Committee on Wednesday.
Inflation has risen despite the Reserve Bank raising interest rates 11 times a year.