Australia hikes key interest rate to 3.6% to fight inflation

CANBERRA, Australia (AP) — Australia’s central bank has increased its benchmark interest rate by another quarter-point to 3.6% as it continues trying to tame inflation. It was the 10th rate rise in a row by the Reserve Bank of Australia and brings interest rates to their highest point in 11 years. The increase will put more pressure on homeowners, with many already paying out hundreds of dollars each month more on their mortgages than they were a year ago. The bank has been trying to counter inflation, which came in at a hotter-than-expected 7.8% in the December quarter, its highest level since 1990. The bank has an inflation target range of between 2% and 3%.