The Reserve Bank of Australia revised down its inflation forecasts for 2018 on low retail prices and weak wage growth, according to the monetary policy statement published today (August 10).
The central bank now expects a year-on-year increase of 1.75% of the consumer price index (CPI) in December 2018, down from the 2.25% forecast in May’s monetary policy statement. However, it has left unchanged the longer-term inflation outlook at 2.25% from December 2019 to December 2020.
Over the past
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