Australia’s consumer inflation accelerated to 4.0% year-on-year in August from 3.5% in July, although it remained below economists’ 4.1% forecast, data from the Australian Bureau of Statistics showed. The trimmed-mean measure, which the Reserve Bank of Australia closely watches as an indicator of underlying price pressures, held at 3.6% year-on-year and rose 0.2% from July. Fuel and housing were major contributors: automotive fuel prices jumped 14.8% month-on-month, while housing inflation accelerated to 5.7%. The data came a day after the RBA raised its cash rate by 25 basis points to 4.60%, its fourth increase this year and a 15-year high. Capital Economics said underlying inflation had not strengthened further but remained above the RBA’s quarterly forecast, and expects the central bank to remain in wait-and-see mode as it assesses whether disinflation is taking hold.