Australia’s central bank on Tuesday raised rates to 4.6%, their highest level in 15 years, as the country seeks to contain inflation fueled by the Middle East conflict. This 25 basis point hike, in line with economists polled by Reuters, brings total rate increases this year to 100 basis points across four consecutive rises. Australia’s inflation peaked at 4.6% in March and stood at 3.5% in July, above the central bank’s 2%-3% target. Economic growth slowed to 2.1% in the second quarter, down from 2.5% in the first quarter.
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