The Australian central bank increased its official borrowing rate by 25 basis points, in line with recent expectations
‘While the central forecast is for CPI inflation to continue to decline, progress looks to be slower than earlier expected. CPI inflation is now expected to be around 3½percent by the end of 2024 and at the top of the target range of 2 to 3 percent by the end of 2025. The Board judged an increase in interest rates was warranted today to be more assured that inflation would return to target in a reasonable timeframe.
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