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Interest rate rise expected in line with inflation rate
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Today's headline inflation rate came in at 6.1 per cent for the year. The underlying rate of inflation, which is what the Reserve Bank considers to determine monetary policy rose to 4.9 per cent. That's the highest in the history of the ABS series. Both those measures are way above the RBA's target band of 2 to 3 per cent. To get it back down there, interest rates will need to rise, and will likely rise aggressively.
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