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RBA plans rate hike to curb inflation
The Reserve Bank of Australia is preparing to raise its main interest rate at its upcoming meeting to control inflation, influenced by rising global energy prices which have led to increased production costs and greater risks of local inflation. Several investment banks, including ANZ and UBS, foresee consecutive rate hikes in September and November, bringing the interest rate to 4.85%, the highest level since 2008, with the possibility that the bank will continue raising rates until November. This comes after Brent crude surpassed $100 a barrel and domestic fuel prices surged, prompting companies to pass costs on to consumers. This decision is part of broader monetary policy tightening measures taken by the bank and other central banks to combat rising energy costs and inflation.
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