A gauge of Australia’s inflation accelerated last month at the fastest pace in two years as costs rose for automotive fuel, insurance and food, a private survey showed.
Consumer prices increased 3.8 percent in October from a year earlier, after advancing 3.2 percent in September, according to an index compiled by TD Securities Ltd. and the Melbourne Institute released in Sydney today. Prices increased 0.3 percent from a month earlier, when they gained 0.1 percent.
The reports bolsters the case for Reserve Bank of Australia Governor Glenn Stevens to resume raising borrowing costs. Policy makers meet in Sydney tomorrow to set interest rates after weighing a mining-driven job boom against other data on consumer prices that showed a smaller-than-forecast rise in the third quarter.