In a collective statement after the board’s first-ever two-day meeting, it warned it is prepared to keep raising interest rates to combat high inflation.
“Our overall assessment is that aggregate demand remains above the economy’s capacity to supply goods and services, thereby putting pressure on inflation,” the statement on monetary policy says. “Many households have had to make difficult adjustments in response to the challenging conditions, particularly households with lower financial buffers,” it says.3. People are adapting to high inflation by changing their shopping patterns, looking for bargains or replacing a trip to Los Angeles with one to Port Macquarie.
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