RBA Bullock: Recent inflation developments are encouraging, some way to go to meet target

Reserve Bank of Australia Governor Bullock is speaking in parliament.

Headlines via Reuters:

  • RBA Board is focused on bringing inflation down.
  • Remain acutely aware
    that the cost of living is rising much faster than it has over recent
  • Recent developments
    in inflation are encouraging.
  • We have some way to
    go to meet our target.
  • Recent developments
    in inflation are encouraging
  • We have some way to
    go to meet our inflation target
  • Even if the economy
    evolves along the central path, inflation will still have been
    outside the target range for four years
  • While there are some
    encouraging signs, Australia’s inflation challenge is not over.
  • The longer inflation
    remains high and outside the target range, the greater is the risk
    that inflation expectations of households and businesses adjust
  • At this stage, the
    board hasn’t ruled out a further increase in interest rates but
    neither has it ruled it in.
  • Given the
    substantial costs to the economy and the Australian people of
    continued high inflation, the board is committed to bringing
    inflation back to target in a reasonable time frame.
  • Trying to bring
    inflation back to target without slowing the economy more than
    necessary on the one hand or risking high inflation for longer

The usual measured comments from Bullock. There is nothing new or shocking here. So far at least. A Q&A will follow her prepared remarks, stay tuned!

This article was written by Eamonn Sheridan at www.forexlive.com. Source