RBA Eyes Future as It Scrutinizes Inflation Data After Rate Hike

The Reserve Bank of Australia (RBA) is set to scrutinize recently released inflation data after hiking interest rates to a 15-year high of 4.6%. The timing of the data release, one day after the rate hike, was described by RBA governor Michele Bullock as 'unfortunate'.

The trimmed mean, a preferred measure of underlying inflation, is expected to hold steady at 3.6% on an annualized basis when updated figures are released by the Australian Bureau of Statistics (ABS) on Wednesday.

RBA governor Michele Bullock emphasized that while the bank was aware of the data release, its focus for the next meeting in November would be on the future direction of the economy rather than past inflation levels. 'What we're trying to do is make sure that we have financial conditions tight enough so that looking forward, that inflation pressure eases,' she said.