Aussie dollar hits new record on higher inflation
SYDNEY: The Australian dollar hit a new record above $1.10 on Wednesday after official data showed inflation reaching a higher than expected 0.9 percent in the June quarter.
The Aussie dollar soared after the latest Consumer Price Index (CPI) figures were released, showing a rise of 3.6 percent through the year to June.
The market had expected a CPI rise of about 0.8 percent over the quarter and 3.5 percent over the year.
The Australian Bureau of Statistics said the most significant price rises over the quarter were for fruit (up 26.9 percent), automotive fuel (up 4.0 percent) and hospital and medical services (up 3.4 percent).
The central Reserve Bank of Australia (RBA) aims to keep inflation within a 2.0 to 3.0 percent range.
Copyright APP (Associated Press of Pakistan), 2011
Copyright AFP (Agence France-Presse), 2011
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