The Reserve Bank of Australia has raised its short-term inflation forecast and all but ruled out an interest rate cut this year, joining other central banks in warning that persistent price growth will keep rates higher for longer.
Some economists had expected the RBA to begin cutting rates by the end of the year after the central bank in February noted “encouraging” signs that inflation had started to ease.
But a disappointing reading for the first quarter, when prices rose 3.6 per cent year on year, led some economists to predict that the RBA might reverse course and raise rates by the end of the year.
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