The Reserve Bank expects inflation to have peaked. But it can’t afford to wait as it confirmed the hawkish intent revealed on Tuesday.
And now it’s attempting to call a turning point, which is notoriously difficult.
The RBA’s worry is that rising goods prices will prompt more workers to ask for more money which, in turn, will prompt further price increases.While the RBA appears confident that inflation has indeed peaked and will gradually retreat, Friday’s quarterly statement of monetary policy leaves no doubt about the
A key consideration for the Reserve Bank is the interplay between global and domestic inflationary forces. The data suggests global goods price inflation was moderated, even if there is not a reversal of the sharp increase of 2022. As we’re repeatedly reminded, monetary policy operates on a lag. We are yet to see any meaningful effect of the “considerable adjustment” in interest rates in a short period.
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