Australia’s monthly Consumer Price Index rose 0.4% in August, below the 0.5% forecast, but annual inflation accelerated to 4.0% from 3.5% as fuel prices jumped 14.8%. The trimmed-mean measure of core inflation increased 0.2% on the month, leaving annual growth at 3.6% for a third consecutive month and above the Reserve Bank of Australia’s 2% to 3% target band. The RBA raised its policy rate to a 15-year high of 4.6% on Tuesday, bringing this year’s tightening to one percentage point, and said it remained prepared to increase rates further if necessary. The Australian dollar fell 0.3% to $0.6964, three-year government bond futures gained eight ticks to 95.10, and swaps reduced the probability of a November increase to 20% from 35% before the data, although a hike remained fully priced by early next year. Housing and mortgage holders face additional pressure as prices have fallen 8% in Sydney and 7% in Melbourne this year, according to Cotality.