The Reserve Bank of Australia (RBA) has raised its key interest rate by 25 basis points – from 4.1% to 4.35% per annum, reflecting the regulator's intention to fight inflation, which remains at a higher than expected level. This increase was the first since July. At the previous four meetings, the central bank kept the rate unchanged. The consecutive increase in rates since May 2022, only 13 times, is part of a policy of tight monetary regulation aimed at curbing inflation, which is now at its highest level since January 2011. This approach is close to many central banks of the world, which have chosen to tighten monetary policy to combat the post-pandemic price growth. The head of the RBA, Michelle Bullock, pointed out that inflation in Australia remains higher and more stable, despite passing the peak. However, the bank still predicts a gradual slowdown in inflation, but this will happen more slowly than previously expected. Central Bank inflation forecasts for 2024-2025: The regulator expects inflation at about 3.5%, which is already quite close to the upper limit of the target range of 2-3%. It also signals to the market about the potential continuation of the cycle of interest rate increases in the future.
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