Lee Sue Ann, economist at the UOB Group, analyzes the latest inflation figures in Australia.
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Australia’s monthly CPI rose 4.9% yoy in July, down from 5.4% in June and from the 8.4% peak reached in December 2022. On a month-on-month basis, the CPI rose 0.3% in July, also below the 0.7% month-on-month increase recorded in June.
The latest monthly inflation data confirms the decision of the Reserve Bank of Australia (RBA) to keep the official interest rate at 4.10% earlier this month (August 1),
However, we believe that there is a possibility that it will make a final increase this year, placing the interest rate target at a maximum of 4.35%. As for the schedule, it is likely that there will be at the meeting on November 7after the publication of the CPI for the third quarter of 2023 on October 25.
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
