Australia's inflation surges to 4.5 percent on oil prices, bank charges and housing costs

Australia's inflation surges to 4.5 percent on oil prices, bank charges and housing costs : Australia's annual inflation rate surged to 4.5 percent in the latest quarter fueled by rising oil prices, bank charges and housing rents, government figures revealed Wednesday. That's the highest annual rate in eight years, and an acceleration from the 4.2 percent annual rate for the quarter through March. Inflation was 1.5 percent in the three months through June compared with the previous quarter, according to Australian Bureau of Statistics data released Wednesday, pushing the annual rate to its highest since the year 2000. Most economists had forecast a 1.3 percent rise in the June quarter for an annual pace of 4.3 percent. Treasurer Wayne Swan told reporters that discounting the one-off effect of a consumption tax imposed on most... [read full story]