Inflation in Australia exceeds market expectations in November, reaching the highest reading in three months.

Data from the National Statistics Office released on Wednesday morning in Australia showed that the annual inflation rate of the Consumer Price Index in the country rose at a pace that exceeded market expectations during November, recording the highest reading since September.

According to the data, the Consumer Price Index in Australia grew by 2.3% year-on-year during November, which was higher than market expectations that indicated an increase in the annual inflation rate to 2.2%, after Australia recorded a rise of 2.1% in the Consumer Price Index during October.

Inflation data in Australia is considered a key measure of consumer prices and economic health, and it strongly influences market movements and the currency, as rising prices will prompt the Reserve Bank of Australia to raise interest rates to contain inflation, which will significantly impact movements of the Australian dollar.