Australian inflation accelerated in August as fuel costs surged anew and price pressures remained broadly based, showing no signs of easing despite a run of interest rate increases this year, Reuters reported.

Sticky inflation already forced the Reserve Bank of Australia to lift interest rates to a 15-year high of 4.6 per cent and warn it was ready to hike further if needed. That brought its tightening this year to a full percentage point, far ahead of many other developed economies.

The inflation print was, however, a little less than forecast, with the Australian dollar slipping 0.2pc to $0.6974 and 3-year government bond yields falling 5 basis points to 4.925pc. Swaps pared back the risk of a November move to just 20pc from 35pc before, but a final hike is still fully priced by March next year.