Australian central bank boosts cash rate to 4.1% with 12th hike

Australia’s central bank has lifted its benchmark interest rate for a 12th consecutive time to 4.1% and warned further rises could follow. The Reserve Bank of Australia on Tuesday boosted the cash rate by a quarter of a percentage point at its latest monthly meeting. That followed a higher-than-expected 6.8% annual inflation rate for the January-March quarter. Reserve Bank Governor Philip Lowe said it would take time for inflation to fall to the target range of 2% to 3%. The cash rate is now at its highest level since April 2012. The central bank began raising interest rates a year ago.