Australia's latest CPI data were published on 24 October 2007. The headline inflation figure increased by just 0.7% in the quarter to 30 September 2007. However, underlying inflation rose more strongly. Economists are divided about whether the Reserve Bank of Australia (RBA) board will lift interest rates when it meets on 6 November 2007. This is just prior to the general election, which will be held on 24 November 2007. The RBA board has stressed its independence from the political process. The news of the CPI growth sent the Australian dollar rising and it hit $US0.90. On the day, the S&P/ASX 200 Index closed down by 0.4% at 6634.4 points.
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