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Aus. July CPI climbed higher to 3.2%

08-01-2011 17:32 BJT

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Australian inflation climbed higher in July, according to a private gauge of consumer prices. It's another sign of increasing inflationary pressures, adding to expectations for an interest rate hike as early as this week.

The TD Securities-Melbourne Institute measure of annual CPI rose to 3.2 percent, from 2.9 percent - above the central bank's target of 2 to 3 percent.

The Reserve Bank of Australia meets Tuesday, and analysts say the surprisingly high readings put a rate hike back on the agenda. Contributing most to the overall figure were price rises for fruit and vegetables, utilities, and holiday travel and accommodation.

Consumer views on price inflation "are shifting", the Melbourne Institute said.

Editor:Li Wanran |Source: CNTV.CN

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