Oz interest rate up a er decade

Sydney – Australia’s central bank raised interest rates for the first time in more than a decade yesterday, a pre-election hike designed to tame soaring consumer prices.

The Reserve Bank of Australia raised the main lending rate by 25 basis points to 0.35%, the first increase since November 2010.

Ending record-low rates, the bank said inflation had “picked up significantly and by more than expected”, while signalling that “further increases in interest rates” would come. –