Reserve Bank governor Philip Lowe recognises that his inflation-fighting campaign has now entered a new and particularly tricky phase.
In every long campaign, it’s important to take a brief pause to reflect on what’s been achieved so far, and to assess the challenges that remain ahead.Tuesday’s Reserve Bank board meetingThe good news is that, after 10 consecutive interest rate hikes, inflation in Australia now appears to have peaked, and to be heading lower.As Lowe pointed out in the statement, increases in prices for goods are expected to moderate over coming months, although the price of services continues to rise rapidly.
But in his latest statement, he’s taken a less rigid approach, noting that the board “expects that further tightening of monetary policy will be needed”. On the other hand, Lowe wants to minimise the economic costs of bringing inflation under control. He’s very aware that economic activity is already slowing in response to higher interest rates.
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