November inflation rises to 2.3% amid speculation over pre-election interest rate cut from RBA

The monthly inflation rate rose to 2.3% in November, according to the latest figures from the Australian Bureau of Statistics. The underlying inflation rate – the Reserve Bank’s preferred measure for prices – has declined but remains above the bank’s target band, casting doubt over the prospect of a February interest rate cut. The consumer price index for the year to November is the first snapshot of economic data in an election year in which prices, cost-of-living and interest rates will be defining issues. After the headline inflation rate held steady at 2.1% in October, economists had predicted a slight

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