RBA hikes interest rate to nine-year high

reserve-bank-of-australia
The Reserve Bank of Australia

The Reserve Bank of Australia’s board has raised its policy rate to the highest level since April 2013, after inflation hit a 32-year high.

The 0.25 basis points rise – RBA’s seventh consecutive hike since May – pushed the rate to 2.85%. Year-on-year consumer price inflation rose to 7.3% in the third quarter, the highest level since 1990, up from 6.1% in the previous quarter.

Governor Philip Lowe said in a statement that the RBA board expects to increase rates further. Both global factors and

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