The increasing cost of petrol could complicate the Reserve Bank's attempts to get inflation down, board minutes shows.
abc.net.au/news/reserve-bank-inflation-cashrate-board-minutes-september-2023/102873402The Reserve Bank has signalled that inflation remains a clear and present danger to the economy and another interest rate rise can't be ruled out.Another rate hike this year can't be ruled outIt says the recent rise in petrol prices clearly demonstrates the process of returning inflation to target could be uneven.
While the RBA board left the cash rate on hold at its meeting a fortnight ago, the minutes of the meeting released this morning show the battle to get inflation down from 4.9 per cent to the 2 to 3 per cent target zone is far from over.In considering whether to inflict another rate hike on households, the RBA Board noted that inflation was "still too high" and "was expected to remain so for an extended period".
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