RBA governor Michele Bullock says the escalating war between Hamas and Israel could keep inflation higher for longer and potentially trigger a slowdown in global growth.
Reserve Bank governor Michele Bullock says she is worried the escalating war between Hamas and Israel could keep inflation and oil prices higher for longer, while also triggering a slowdown in global growth.
RBA governor Michele Bullock: “The more keep inflation elevated … the more people adjust their thinking.”in the Middle East, transmitted to Australia through higher oil prices. Iran has boosted its crude oil exports this year, but speculators are alive to the possibility the US could impose fresh sanctions if Tehran is officially linked to the Hamas attack.Ms Bullock said it was also possible that war in the Middle East could lead to a slowdown in growth in the global economy, which would potentially cause growth to slow in Australia too.
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