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INFLATION IN AUSTRALIA RISES AT SWIFTEST PACE ON RECORD: SURVEY.
SYDNEY, June 2 Asia Pulse - Inflation is rising at its swiftest pace on record, a private sector survey released on the eve of the Reserve Bank of Australia's (RBA) next interest rate meeting shows.
The TD Securities-Melbourne Institute monthly inflation gauge showed headline inflation climbed 4.5 per cent in the year to May, after increasing by 0.3 per cent last month.
This was the fastest annual increase in the more than five and half years since the survey began.
"It also marks the fourth month where year ended inflation has been above four per cent, having accelerated from a recent low of 2.6 per cent in May and June 2007," it said.
TD Securities senior strategist Joshua Williamson said the high inflation data would worry the RBA, but it was unlikely to lift interest rates following its board meeting tomorrow.
Mr Williamson said the RBA would be eager to notice if the recent rate rises were dampening the economy enough to return annual inflation to its two to three per cent target band.
"Another solid monthly reading shows that inflation remains the most pressing issue facing Australian policy makers," he said.
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