Australian CPI rises in March

The Consumer Price Index (CPI) of Australia has risen 2.9 percent in the March quarter, according to the Australian Bureau of Statistics (ABS). ABS reported on Wednesday that the CPI, as key measure of inflation, rose 2.9 percent in the year to the end of March, lower than economists' previous forecast. The highest annual rate of inflation for capital city in Australia is Darwin with 3.6 percent, while the lowest inflation rate is Canberra with 2.6 percent, according to the ABS. The Reserve Bank of Australia has a target range for annual inflation of 2 to 3 percent, which means the inflation is under control. Economists said that the current inflation remained within the target range, leaving no pressure on the Reserve Bank to raise interest rates in the coming months.