The Reserve Bank board is committed to doing what is necessary to ensure inflation returns to the two to three per cent target and households should be prepared for further interest rate rises, governor Philip Lowe has warned.
He said while rising inflation had been driven by global events, increasingly domestic factors in Australia were coming into play.“Following the strong recovery from the pandemic, growth in domestic spending is now testing the ability of the economy to meet the demand for goods and services,” Dr Lowe told a forum in Sydney on Tuesday.
The RBA raised its inflation forecast to a peak of around 7% in the December quarter, having earlier predicted a top of 6%.
Source: Financial Digest (financialdigest.net)
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