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A pick-up in the monthly inflation indicator had not gone unnoticed by Reserve Bank of Australia deputy governor Andrew Hauser, who says there is more economic data to absorb before the next interest rate meeting.“It will be a bad mistake to set policy on the basis of one number and we don’t intend to do that,” he said after a speech at the Citi A50 Australian Economic Forum in Sydney on Thursday.“There’s a whole series of data coming out between now and when we meet in August.
The four per cent rise in the 12 months to May took annual inflation to its highest reading in six months and was above consensus forecasts of 3.8 per cent.But between now and then next interest rate meeting in August, the board would also get the more comprehensive quarterly inflation numbers, as well as statistics on jobs, retail and business conditions, Hauser said.He stepped through three key elements in the statement from the last interest rate meeting in June.
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