Today the Reserve Bank of Australia has announced the minutes of the Monetary Policy Meeting. Members have noted that inflation was high and more than Central Banks’ targets in many economies. High inflation was impacting on households’ real incomes and sentiment, and the quick increase in interest rates would further weigh on aggregate household disposable income.
The inflation was forecasted to be highest later this year and then fall back towards the 2 to 3% target range. The anticipated moderation in inflation represented the continuing resolution of global supply-side problems, the recent decrease in some commodity prices, and the effect of rising interest rates. The Bank’s central forecast was for CPI inflation to be approx. 7.75% over 2022, a little above 4% over 2023, and around 3% over 2024.
RBA will increase the interest rate at a slower pace as, becoming stronger as the level of the cash rate rises. The Board is committed to doing what is necessary to ensure that inflation in Australia returns to target over time.
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