Australia’s Strong Inflation Data May Pressure RBA to Hike Rates Further

SYDNEY—Australia’s consumer prices rose by more than expected in the third quarter which may pressure the Reserve Bank of Australia to come off the sidelines and raise interest rates at its meeting next month.

The consumer-price index rose 1.2% on the quarter and 5.4% on the year, the Australian Bureau of Statistics said Wednesday. The data beat market expectations, with core measures of inflation also coming in higher than economists had expected.