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The Reserve Bank of Australia said the cash rate will be increased by 25 basis points to 0.35% — the first rate hike since November 2010.
Analysts had widely expected the central bank to hike rates, given the rapid rise in inflation. Prices of food, petrol and other consumer goods were all up in the last quarter.
Lowe acknowledged in his statement that inflation had picked up more than expected, though it remains lower than in most other advanced economies.
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