Bloomberg
Published Apr 24, 2018 03:21
Updated Apr 24, 2018 07:04
Australian Inflation Stays Below Target, Signaling Rates on Hold
(Bloomberg) -- Australia’s consumer prices rose slightly less than forecast last quarter, suggesting the central bank is likely to keep interest rates on hold.
Key Points:
Big Picture
The data reflect Governor Philip Lowe’s view that inflation will only gradually return to the midpoint of the Reserve Bank of Australia’s 2 percent to 3 percent target amid weak price growth that’s affecting much of the developed world. Policy makers are banking on a record-low cash rate to boost hiring and tighten the labor market, which should in time spur wage growth and inflation. Traders are pricing in only about a one-in-three chance of the RBA tightening at the end of this year.
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Written By: Bloomberg
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