Inflation hike extinguishes hope of another interest rate cut this year
The inflation beast that the RBA thought it had tamed has reawakened and it spells bad news for homeowners and renters alike.
Higher inflation spells trouble for consumers, with renters among the hardest hit. (Image source: ShishkinStudio/Shutterstock.com)
Australia’s inflation battle has kicked off again and the first victim is the prospect of a December interest rate cut.
The monthly consumer price index (CPI) rose 0.2 per cent in October to 3.8 per cent, putting the final nail in the coffin of a rate cut on 9 December.
The other measure of inflation – the one preferred by the Reserve Bank of Australia (RBA) – is the trimmed mean and that also rose from 3.2 to 3.3 per cent.
The fact it is drif…
