ARB sees "modest" inflation threat

The Australian Reserve Bank said in its monetary policy statement released on Monday 7 November that it expects "a modest" increase in inflation rate and hinted that interest rates would remain on hold this year.

The overnight cash rate remains unchanged at 5.5 percent since March this year. Policymakers believed higher oil prices would provide only a "temporary shock" to inflation. "As yet, there has been little evidence of any significant second-round inflationary effects, and at this stage

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