CPI climbs to 4.3%, far above RBA target

The consumer price index rose 4.3% over the past year, well above the Reserve Bank of Australia's target range of 2‑3%. The jump has put Australians on alert for a possible further interest‑rate rise. Prices were tracked for everyday items including food, electricity, travel and housing, all showing higher costs. The higher CPI means many households will feel tighter budgets as bills and groceries become more expensive.

Context

The CPI is a standard measure of how much prices change for a typical basket of goods and services. The Reserve Bank of Australia tries to keep inflation within its 2‑3% target to protect buying power.