Australia’s central bank Tuesday raised its benchmark interest rate to 0.35 percent, its first hike in more than 11 years amid surging inflation. An increase in the cash rate by 0.25 percentage point came after official data released last week saw headline inflation at 5.1 percent in the year through March, forcing the Reserve Bank of Australia to lift the rate from the record low 0.1 percent sooner than initially planned. The bank last increased the rate in November 2010. In a statement Tuesday, RBA Governor Philip Lowe said that now was the time to begin withdrawing monetary supports that we…