MELBOURNE, Australia (AP) — Australia’s central bank lifted its benchmark interest rate Tuesday by a quarter percentage point to 3.85%, after three rate cuts last year and as inflation surges. The Reserve Bank of Australia has boosted its cash rate for the first time since November 2023 , when the rate rose from 4.10% to 4.35%. The rate hike was widely expected after government data last week showed that inflation had run away to 3.8% for the 12 months through December. The annual rate had been

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