Reserve Bank of Australia considers interest rate hike due to persistent inflation.
Reserve Bank expects inflation to continue in the wrong direction, raising the possibility of an interest rate hike. The Australian Bureau of Statistics is due to reveal the consumer price index edged up in May on an annual basis. The central bank's board kept the cash rate unchanged at 4.35% but left open the possibility of a hike due to persistent inflation and upward revisions to household consumption. Governor Michele Bullock stated that June quarter inflation data would be crucial ahead of the board's next meeting in August.
June 23, 2024
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