RBA: May minutes show hike down to inflation scare
Minutes of the monetary policy meeting of Australia's Reserve Bank Board on 4 May explain that the board decided to raise the cash rate by 0.25 percentage points to 4.5% after the Reserve Bank revised its forecast for inflation upwards.
According to the minutes, CPI inflation would be close to 3% for the year, with non-tradables inflation, excluding deposit and loan facilities, picking up to a year-ended rate of 4.4%, due to significant increases in the prices of housing-related items, most
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