RBA makes ninth straight rise and forecasts more to come
Governor warns Australia will be slow to achieve its inflation target
The Reserve Bank of Australia raised its cash rate by 25 basis points today (February 7), to 3.35%, its highest level since 2012. This is the ninth consecutive rate hike since May, for a total of 325bp of tightening.
In his statement, governor Philip Lowe said that despite easing global inflation pressures, Australia would be slow to achieve its inflation target.
Consumer price index inflation was 7.8% year-on-year in December. Core inflation was 6.9%. The RBA has a 2–3% inflation target.
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