Soaring oil prices push up inflation; Reserve Bank of Australia raises interest rate by 25 basis points to 4.35%
The Reserve Bank of Australia announced a 25 basis point interest rate hike to 4.35% due to soaring fuel prices pushing up inflation, attributing economic pressure to Middle East instability.
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- 📰 Published: May 5, 2026 at 15:00
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US-Iran War Key News
Central News Agency
(Central News Agency, Sydney, 5th, comprehensive foreign report) The Reserve Bank of Australia today announced that it will raise the Australian dollar cash rate by 25 basis points to 4.35% due to soaring fuel prices pushing up inflation, stating that economic pressure mainly stems from instability in the Middle East.
Agence France-Presse reported that the Reserve Bank of Australia stated in a statement: "As expected, developments in the Middle East are having an impact on inflation... rising fuel prices have exacerbated the burden of inflation, and there are signs that this may lead to follow-on price increases for various goods and services."
Global oil prices have soared since the United States and Israel launched attacks on Iran on February 28. Iran subsequently retaliated by blockading the Strait of Hormuz, through which one-fifth of the world's oil and natural gas must be transported.
Many economists warn that if the war continues, the inflationary impact could be comparable to the situation after Russia's invasion of Ukraine in 2022.
The Reserve Bank of Australia pointed out: "There are initial signs that many businesses facing cost pressures are seeking to raise the prices of goods and services."
Data released last week showed that Australia's inflation rate reached 4.6%, the highest level since the end of 2023. (Editor: Chang Ming-hsuan) 1150505
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Central News Agency
(Central News Agency, Sydney, 5th, comprehensive foreign report) The Reserve Bank of Australia today announced that it will raise the Australian dollar cash rate by 25 basis points to 4.35% due to soaring fuel prices pushing up inflation, stating that economic pressure mainly stems from instability in the Middle East.
Agence France-Presse reported that the Reserve Bank of Australia stated in a statement: "As expected, developments in the Middle East are having an impact on inflation... rising fuel prices have exacerbated the burden of inflation, and there are signs that this may lead to follow-on price increases for various goods and services."
Global oil prices have soared since the United States and Israel launched attacks on Iran on February 28. Iran subsequently retaliated by blockading the Strait of Hormuz, through which one-fifth of the world's oil and natural gas must be transported.
Many economists warn that if the war continues, the inflationary impact could be comparable to the situation after Russia's invasion of Ukraine in 2022.
The Reserve Bank of Australia pointed out: "There are initial signs that many businesses facing cost pressures are seeking to raise the prices of goods and services."
Data released last week showed that Australia's inflation rate reached 4.6%, the highest level since the end of 2023. (Editor: Chang Ming-hsuan) 1150505
Choose to stand with the facts, every sponsorship you make is the power to protect press freedom.
Download the Central News Agency "First-hand News" APP to get the latest news instantly.
The text, images, and videos on this website may not be reproduced, publicly broadcast, publicly transmitted, or used without authorization.