Australia’s central bank has raised interest rates for a third time this year, bucking a trend among global peers as it fights inflationary pressures intensified by the conflict in the Middle East.
The Reserve Bank of Australia on Tuesday raised its borrowing rate to 4.35 per cent. The move, its third consecutive rise, undid the effect of three cuts last year.
“The conflict in the Middle East has resulted in sharply higher fuel and related commodity prices, which are already adding to inflation,” the bank said in a statement.
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