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Australia's inflation tops forecasts, core at 16-month high add to rate hike risk
Australian consumer prices rose by more than expected in January, while core inflation hit the highest in over a year, an uncomfortable outcome for policymakers that raises the risk of another hike in interest rates. The Australian dollar gained 0.2% to $0.7073, while three-year government bond futures fell 4 ticks to 95.71. Investors raised bets of a rate hike in May from the Reserve Bank of Australia to 80%, up from 76% before the data. Data from the Australian Bureau of Statistics out on Wednesday showed its monthly consumer price index (CPI) rose 0.4% in January, from the previous month, driven by higher costs ... (full story)
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