Inflation Jumps to 3.2 Percent in September

Electricity prices soared 24 percent over the year, the biggest driver of inflation.

The Queen Victoria Market, operating since 1878, is the largest open-air market in the Southern Hemisphere. Adam Calaitzis/Shutterstock

In a major setback for those expecting a rate cut, Australia’s annual inflation rate climbed to 3.2 percent in September, up from 2.1 percent in June, according to the latest data from the Australian Bureau of Statistics (ABS).

The Consumer Price Index rose 1.3 percent over the quarter, while underlying inflation lifted to 3 percent from 2.7 percent.