Australia’s central bank raised the key interest rate to a 15-year high on Tuesday to curb inflation stoked by rising oil prices, reports AFP.
The Reserve Bank of Australia lifted its cash rate 25 basis points to 4.6 percent, it said, citing a broadening conflict in the Middle East and high global energy prices.
“There have been further disruptions to global oil supply and recent data suggest that growth and inflation in Australia have been higher than expected,” the bank said in a statement.
Higher fuel prices were being passed through to prices of other goods and services, it said.
