Australia's July inflation hits 3.5%, fuelling fears of fourth rate hike this year

Australia's Bureau of Statistics reported CPI inflation of 3.5% year-on-year in July, down from 3.8% the previous month but well above market expectations. The smaller-than-expected decline has intensified fears that the Reserve Bank of Australia will be forced into a fourth interest rate hike this year. Such a move would hit millions of mortgage holders across the country.