Australia's August inflation rose to the upper limit of the target range, and the Reserve Bank of Australia may stand pat on next week's decision.

According to the Wisdom Financial APP, Australia's monthly inflation index rose to the upper limit of the Reserve Bank of Australia's (RBA) 2%-3% target range in August, providing support for maintaining the current interest rate level and pushing up the Australian dollar exchange rate. Official data released by the Australian Bureau of Statistics on Wednesday showed that the Consumer Price Index (CPI) increased by 3% year-on-year in August, setting a new record high in the past year, exceeding economists' previous forecast of 2.9%.