ANZ analysts Adam Boyton and Jack Chambers said in a research report on Wednesday that Australia's July inflation data unexpectedly rose, indicating that the central bank's short-term forecasts are facing increasing threats, and that upward risks are “gradually becoming apparent.” They said that additional interest rate hikes should be enough to slow down economic activity, thereby mitigating the risk of further inflation. They added, “While the July data is troubling, we don't think there's enough reason to raise interest rates in September.”

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