The consumer price figures were not as bad as feared, but inflation remains persistent and higher-for-longer interest rates will be required.
Already a subscriber?The crucial inflation figures published on Wednesday show that price pressures remain sticky, but are probably not bad enough for the Reserve Bank of Australia to feel obliged to resume interest rate rises.
But on the other hand, it is the same in the year ending June as what the RBA was forecasting back in November 2023. Inflation in the labour-intensive services sector has picked up from 4.3 per cent to 4.5 per cent in annual terms, as businesses pass on higher wages to consumers.Goods inflation has also stopped falling, edging up from 3.1 per cent to 3.2 per cent.
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