Australian Prices Stay Above-Target Before RBA Rate Decision

Australia’s inflation remained above the top of the Reserve Bank’s 2-3% target band as higher fuel costs from Middle East supply disruptions compounded already-elevated price pressures to keep policymakers on a tightening path.

The closely-watched trimmed mean gauge of annual consumer prices, which shaves off volatile items, rose 3.5% last quarter, matching economists’ estimates, government data showed Wednesday. In the first three months of the year, the underlying measure rose 0.8% from the prior quarter, slower than the forecast 0.9%.