Many economists are cautious regarding a further interest rate hike in 2023, as the data collected for August revealed that there has been a spike in inflation.
As per the Bureau of Statistics, inflation surged a bit from 4.9% to 5.2%.
Since the price of fuel, diesel, and electricity all increased, this is the first instance of inflationary growth in three months.
On Tuesday, under the leadership of RBA Governor Bullock, the board will decide on their first rate hike.
Regardless of the next decision on the next rate hike that is anticipated, the year-on-year inflation target seems to be out of reach of the Reserve Bank, as per the experts.
- Published By Team Australia News