The Reserve Bank of Australia is meeting to decide if further interest rate rises are needed following last month's shock half-a-per-cent increase to mortgages and loans.
Expectations are the RBA will again lift interest rates by another 50 basis points, heaping more hip pocket pain on Australians.
Stay with ACM for the all the latest rates news, as well as the latest decision from today's RBA meeting here:
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The consumer price index rose at an annual rate of 6.1 per cent in the June quarter, the fastest yearly growth since 2001.
It was followed by a 5.6 per cent lift in the Producer Price Index, which measures wholesale costs for Australian businesses, on Friday.
At last month's meeting the RBA invoked a 50 basis point jump in the official cash rate to 1.35 per cent and flagged more hikes would come to curb surging inflation over the coming months.
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Figures from RateCity highlighted the July rate rise added around $200 to a mortgage holder with an outstanding loan of $750,000.
It was the third consecutive month where the RBA has raised interest rates that at historic lows of 0.1 per cent during the pandemic.