RBA Weighs Rate Hike Despite Lower Inflation

The Reserve Bank of Australia (RBA) will be considering several factors when it meets in two weeks to decide whether to increase interest rates. Despite inflation being lower than expected, it remains above the central bank's target range.

The latest data released yesterday showed that inflation is below official forecasts and market expectations. However, it still exceeds the RBA's target of around 2-3%.

According to EY Chief Economist Cherelle Murphy, Michele Bullock's announcement was in line with what many predicted.