Australia's inflation accelerated in the third quarter, with consumer prices rising 3.2% from a year earlier — the fastest pace in more than a year — the Australian Bureau of Statistics said Wednesday.

The increase topped the 2.1% rise in the second quarter and came in above the 3% forecast by economists polled by Reuters.

The ABS said the most significant price rises were in housing, recreation and culture, and transport.

Trimmed mean inflation rate, which excludes extreme price changes in consumer goods and services, rose to 3%, up from 2.7% last quarter. It was the first increase in trimmed mean inflation since December 2022, the bureau said.

The 3.2% headline rate pushed inflation beyond the Reserve Bank of Australia's 2%–3% target band for the first time since the second quarter

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