Australia’s Faster Inflation Boosts Case for Slower RBA Cuts

A gauge of Australia’s monthly inflation accelerated in August to the top of the Reserve Bank’s 2-3% target, supporting the case for interest rates to remain on hold and sending the currency higher.

The Consumer Price Index indicator climbed 3% from a year earlier, the highest reading in a year, driven largely by housing costs, official data showed Wednesday. That compared with economists’ forecast for a 2.9% gain.