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AUSTRALIA'S RESERVE BANK LIFTS OFFICIAL INTEREST RATES.
CANBERRA, May 3 Asia Pulse - The Reserve Bank has lifted official interest rates by a quarter of a percentage point to 5.75 per cent.
With inflation hitting the top of the bank's target band of two per cent to three per cent, and signs of further price pressures across the economy, rates were lifted for the first time since March last year.
They are now at their highest level since February 2001.
Speculation about a rate rise increased markedly last week after the release of the latest consumer price index which showed annual inflation at three per cent.
This was on the back of strong rises in the prices of oil and vegetables.
In a statement, Reserve Bank governor Ian Macfarlane said there were signs of inflationary pressures that had to be acted upon now.
"In Australia, domestic spending has been growing at a solid pace recently and prevailing conditions suggest that this is likely to continue," he said.
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Source: HighBeam Research, AUSTRALIA'S RESERVE BANK LIFTS OFFICIAL INTEREST RATES.