Australia lifts rates to 18-year high as AI boom, energy costs fuel inflation

Key points

• The Reserve Bank of Australia has increased its official cash rate to 4.85%, marking an 18-year high.
• Australian central bankers cited accelerating inflation driven by soaring energy costs and massive corporate investments into artificial intelligence technology.
• The rate hike aims to cool persistent price pressures building across the domestic economy.

Summarized automatically by Kryptokite from reporting by Cointelegraph. Read the original sources for full detail.