Australia’s central bank lifts rates to 15-year high, signals risk of further hikes
Core inflation was running at 3.6%, above RBA’s target range of 2% to 3%
The Reserve Bank of Australia (RBA) lifted its cash rate to a 15-year high of 4.6% on Tuesday, signaling a potential for further rate hikes to combat persistently high inflation. Core inflation stood at 3.6%, surpassing the central bank's target range of 2% to 3%. The decision followed strong inflation and activity data, making it increasingly challenging for the bank to maintain confidence in a gradual return to the target inflation range.
The RBA expects demand to remain challenging, citing disruptions in global oil supply and higher-than-expected growth and inflation. The bank will continue to take measures to bring inflation back to target sustainably, including further rate hikes if necessary.
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