Australia’s central bank has raised interest rates for the second time in as many months, pointing to the impact of the conflict in the Middle East on its inflation expectations.
Five of the nine members of the Reserve Bank of Australia’s monetary policy board voted in favour of a 25 basis point rise in interest rates to 4.1 per cent, reacting to a sharp rise in fuel prices due to the global disruption in the supply of oil.
“In large part, higher interest rates reflect expectations for the path of monetary policy, which have risen in Australia and most other advanced economies in response to the expected inflationary implications of the conflict in the Middle East,” the RBA said in a statement on Tuesday.
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