According to The Australian Financial Review, economists have warned that the Reserve Bank of Australia may not achieve its inflation target for at least two more years without higher interest rates, unless Treasurer Jim Chalmers uses the upcoming budget to cool the economy.
Analysts say the RBA will almost certainly be forced to revise higher its near-term inflation forecasts at its board meeting next week, after March quarter inflation figures were stronger-than-expected. The headline consumer price index increased 3.6 per cent in the 12 months to March, above the RBA’s indicative forecast of 3.5 per cent. The bank’s preferred measure of underlying inflation, the trimmed mean, was 4 per cent, above the central bank’s expectation of 3.8 per cent. https://www.afr.com/policy/economy/high-inflation-may-last-another-two-years-unless-rates-rise-again-20240429-p5fnaa?cx_testId=3&cx_testVariant=cx_1&cx_artPos=1&cx_experienceId=EXIRQ0BX6VHL&cx_experienceActionId=showRecommendationsYDEQYCFG6XO314#cxrecs_s
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