Inflation is now forecast to fall back to 3 per cent by midyear and return to the 2 per cent target in 2024. Officials flagged falling three-month core measures as a signal that underlying price pressures have peaked.In the quarterly monetary policy report published alongside the decision, officials said the economy was still overheating.
Still, policymakers cautioned more increases might be needed if economic data surprised to the upside. The bank “is prepared to increase the policy rate further if needed to return inflation to the 2 per cent target”.– suggests policymakers are convinced the current rate is restrictive enough to restore price stability.
Globally, the economic outlook is improving amid Europe’s resilience during an energy crisis, China’s reopening, and subsiding inflationary pressures from declining commodity prices and easing supply challenges.
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