Australia’s central bank has raised interest rates, pointing to persistent inflation caused by supply pressures and the risk of further price rises triggered by the rising cost of energy. 

The Reserve Bank of Australia’s board split five to four on its decision today (March 17) to raise rates by 25 basis points to 4.1%. 

“All members agreed that inflation was too high, that there are still inflationary pressures from excess demand in the economy,” governor Michele Bullock said during a post