The Reserve Bank of Australia (RBA) has decided to keep the key interest rate at 4.35% per annum, which is the highest value since January 2011. This decision was expected and in line with analysts' forecasts. At the previous meeting in November, the Australian central bank raised the rate by 25 basis points. Prior to this change, the rate remained unchanged for four months. The Reserve Bank's management noted that achieving the inflation target, which is in the range of 2% to 3%, is slower than expected. It was also pointed out that core inflation exceeds forecasts, mainly due to the increase in the cost of services. The Reserve Bank of Australia stressed that the decision to further tighten monetary policy will depend on the analysis of current economic data and risk assessment. According to current forecasts, the inflation rate in Australia is expected to reach about 3.5% by the end of 2024, and by the end of 2025 it will decrease to the upper limit of the target range of 2-3%.
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