The Australian Reserve Bank has warned the official interest rate will continue to rise in 2023.
Together, both nations supply a quarter of the globe's wheat and the conflict sent wheat prices to a record high, adding to surging food prices which hit poor countries hardest.
While they’ve both eased from their peaks as global growth stalls, what persists is an energy crisis, particularly in Europe.The combination of rising food, energy and petrol prices contributed toIn Australia, it surged to the highest since 1990 at an annual rate of 7.3 per cent, and the Reserve Bank has warned that it hasn't peaked yet.
"We’re going to see more evidence that inflationary pressures will start to abate, we’re already seeing that for example in the US, we’re seeing supply imbalances start to return to normal, we’re seeing lower costs for transport, demand is starting to slow, all of that will lead to a sharp fall in inflation over the next 12 months, at the same time, the still strong jobs market will push wages growth up a little higher.
As banks passed those rates onto their customers, mortgage repayments on variable rates soared and it restricted the amount home buyers could borrow by as much as 27 per cent.Mr Oliver warned there will be future declines ahead.
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