# Australia Q3 CPI inflation beats expectations, RBA hike in focus

> Australian CPI rose 1.2% in Q3, beating expectations of 1.1%, with fuel costs the largest contributor after a spike in global oil prices. The reading reinforced bets that the Reserve Bank of Australia will hike rates again.

- Date: 2023-10-25 · published 2023-10-25T12:00:00.000Z
- Category: macro · region Australia · magnitude low
- Page: https://feedsoft.ai/events/33881-australia-q3-cpi-inflation-beats-expectations-rba-hike-in-focus
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [ULSD / Diesel](https://feedsoft.ai/c/DIESEL.md), [Australian Dollar (USD per AUD)](https://feedsoft.ai/c/AUDUSD.md)

## Why it matters

Higher fuel inflation reflects elevated oil prices that raise diesel and freight costs for feed, while the rate-hike outlook supports the AUD.

## Read by commodity

- WTI: bullish ▲
- AUDUSD: bullish ▲
- DIESEL: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2026-10-29 | [December Rate Hike Expectations and Expensive Oil: The Dollar Is Back on Top \| Investing.com](https://feedsoft.ai/events/17043-december-rate-hike-expectations-and-expensive-oil-the-dollar-is-back-on-top.md) | -2.3% | — |
| WTI | 2021-08-18 | [Canadian dollar rallies after hotter-than-expected inflation data](https://feedsoft.ai/events/45794-canadian-dollar-rallies-after-hotter-than-expected-inflation-data.md) | +1.5% | +9.1% |
| WTI | 2023-04-12 | [Oil rises 2% on lower-than-expected US inflation data \| Reuters](https://feedsoft.ai/events/36559-oil-rises-2-on-lower-than-expected-us-inflation-data-reuters.md) | -0.8% | -9.6% |
| WTI | 2018-05-14 | [Inflation forces building](https://feedsoft.ai/events/10235-inflation-forces-building.md) | +0.8% | -6.5% |
| WTI | 2019-09-16 | [Oil spike sends India assets lower as inflation concerns revive](https://feedsoft.ai/events/57385-oil-spike-sends-india-assets-lower-as-inflation-concerns-revive.md) | +5.8% | -0.1% |
| DIESEL | 2022-04-29 | [Thailand inflation spike may tilt odds in favour of early rate hikes - The Business Times](https://feedsoft.ai/events/42084-thailand-inflation-spike-may-tilt-odds-in-favour-of-early-rate-hikes-the.md) | -13.3% | -22.6% |
| DIESEL | 2022-03-10 | [EMERGING MARKETS-Latam FX falls as dollar gains on inflation data; rouble steadies - Supply Chain Council of European Union \| Scceu.org](https://feedsoft.ai/events/42559-emerging-markets-latam-fx-falls-as-dollar-gains-on-inflation-data-rouble.md) | -11.3% | -1.4% |
| DIESEL | 2023-11-22 | [Petrol prices and panic sends inflation shooting up in South Africa – BusinessTech](https://feedsoft.ai/events/33325-petrol-prices-and-panic-sends-inflation-shooting-up-in-south-africa-businesstech.md) | -1.0% | -7.4% |

## Sources

- fvbb.com: https://fvbb.com/ns/australia-q3-cpi-inflation-beats/139544

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.