{"id":433009,"date":"2026-05-05T07:00:06","date_gmt":"2026-05-05T07:00:06","guid":{"rendered":"https:\/\/www.newsbeep.com\/ie\/433009\/"},"modified":"2026-05-05T07:00:06","modified_gmt":"2026-05-05T07:00:06","slug":"australia-hikes-interest-rate-citing-higher-fuel-prices","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/ie\/433009\/","title":{"rendered":"Australia hikes interest rate citing higher fuel prices"},"content":{"rendered":"<p>Australia&#8217;s central bank has today increased its key interest rate, citing soaring fuel prices that are stoking inflation.<\/p>\n<p>The Reserve Bank of Australia said it had lifted its cash rate 25 basis points to 4.35%, pointing to economic pressure stemming from turmoil in the Middle East.<\/p>\n<p>&#8220;As expected, developments in the Middle East are having an impact on inflation,&#8221; the bank said in a statement.<\/p>\n<p>&#8220;Higher fuel prices are adding to inflation and there are indications that this is likely to have second-round effects on prices for goods and services more broadly,&#8221; it added.<\/p>\n<p>Global oil prices have surged since the US and Israel launched strikes against Iran on February 28.<\/p>\n<p>Iran has retaliated by choking off access to the Strait of Hormuz, through which a fifth of global oil and gas usually passes.<\/p>\n<p>Many economists have warned that a protracted war could fuel an inflation shock similar to that seen after Russia&#8217;s 2022 invasion of Ukraine.<\/p>\n<p>&#8220;There are early signs that many firms experiencing cost pressures are looking to increase prices of their goods and services,&#8221; the bank said.<\/p>\n<p>Figures released last week showed inflation at 4.6% in Australia, the highest it has been since late 2023.<\/p>\n","protected":false},"excerpt":{"rendered":"Australia&#8217;s central bank has today increased its key interest rate, citing soaring fuel prices that are stoking inflation.&hellip;\n","protected":false},"author":2,"featured_media":433010,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[72,113,61,60],"class_list":["post-433009","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy","tag-business","tag-economy","tag-ie","tag-ireland"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/433009","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/comments?post=433009"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/433009\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media\/433010"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media?parent=433009"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/categories?post=433009"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/tags?post=433009"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}