Economists expect inflation to have peaked late in 2022, but a surprise hot CPI figure could force the RBA to lift rates once again next week.
The Australian dollar was on the back foot ahead of a much-anticipated inflation report that will likely dictate whether higher interest rates are needed to ease elevated cost pressures.
Bond markets wager there is an outside chance the RBA will lift the cash rate in May, ascribing a one-in-three chance of a 0.25 of a percentage point increase to 3.85 per cent next week. Interbank futures indicate only a modest probability the central bank will raise the policy rate this year and have pushed back the timing of rate cuts to the second half of 2024.Louise Kennerley
Core, or underlying inflation, remains elevated globally, particularly in services. In some countries, the gauge has surprisingly picked up.
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