Inflation ticked up to 2.9% in August, the highest rate since January.

Inflation has risen three per cent in the 12 months to August, putting hopes of immediate rate relief "off the table".

By Stella Qiu SYDNEY (Reuters) -Australian consumer prices rose at the fastest annual pace in a year in August after a hot July, suggesting some upside to inflation that prompted markets to pare back the chances of imminent policy easing.

Singapore's core inflation posted its softest rise since February 2021, coming in at 0.3% for August as services costs eased. The figure — which strips out prices of private transport and accommodation — was lower than the 0.5% expected by economists polled by Reuters, and lower than the 0.5% seen in the month before.

The Bank of England has held its main interest rate at 4% as U.K. inflation concerns weigh on policymakers. The decision was widely anticipated.

Jerome H. Powell, chair of the Federal Reserve, suggested he saw further scope to lower interest rates this year to protect the labor market despite rising inflation.

If the PCE report comes in higher than expected and investors might start worrying that the Fed's quarter-point cut last week was premature.

Nigeria’s central bank has lowered its benchmark lending rate for the first time in five years, delivering a half-point cut amid cooling inflation and continued stability of the local naira currency. Tuesday’s decision lowered the bank’s key interest rate to 27 per cent and was in line with the median forecast in a Bloomberg poll of economists.