Australia lifts rates to 18-year high as AI boom, energy costs fuel inflation

Computer systems that perform tasks that normally require human intelligence, such as understanding language, recognising images or making decisions.

AI is changing work, media and public services, raising questions about jobs, safety and regulation.

The rate at which the general level of prices for goods and services rises over time, usually measured over twelve months.

When prices rise faster than wages, households can buy less with the same income, and central banks may raise interest rates in response.