Australia's central bank has joined others around the world in hiking rates to fight runaway inflation. "As is the case in most countries, inflation in Australia is too high," the bank said in a statement. It added that the surge in prices had been driven by "global factors", along with strong spending levels in Australia. The Federal Reserve and European Central Bank have flagged further hikes at their next meetings, while the United Nations warned that the tightening programmes could trigger prolonged stagnation. "There's no use pretending that rising inflation isn't punching a hole in family budgets."

Source: Daily Nation October 04, 2022 07:04 UTC