Despite headline data suggesting the cost of living crisis may finally be easing, few Australian households would have found covering their essentials has got any easier.
Economists might be predicting an interest rate cut or two in the latter half of the year, but the IMF has called on the Reserve Bank to push rates in the other direction.
The Reserve Bank of Australia (RBA) has hit borrowers with a timely Melbourne Cup Day interest rate rise, choosing to lift the nation's cash rate target by 25 basis points.
Market analysts are predicting the Reserve Bank will hike interest rates when they next meet on November 7, just half an hour before the race that stops the nation.
Inflation in Australia has largely beaten expectations, raising fears among borrowers that the RBA will be forced to deliver another interest rate hike.
The Reserve Bank of Australia (RBA) has kept the nation's interest rates on hold, but experts have warned borrowers not to breathe a sigh of relief yet.
New data from the Australian Bureau of Statistics (ABS) shows strong increases in the cost of housing and fuel contributed to the minor bump, up from 4.9 per cent the month prior.
The ABS revealed the consumer price index rose by 4.9 per cent over the last year – the lowest the measure has been at since the same figure was recorded in February 2022.