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BOE’s Bailey Says ‘Last Mile’ of UK’s Inflation Fight Will Take Time
Bank of England Governor Andrew Bailey said it is too soon for the UK to declare victory in the battle against inflation and that the “last mile” will require a prolonged period of restrictive interest rates. “It’s the last mile which obviously is where policy is really doing the work, and we’re going to have to see policy stay restrictive,” he said Thursday in an interview with Bloomberg TV. “It’s going to have to remain restrictive to have this effect of bringing inflation down, and particularly next year.” The remarks signal a bleak backdrop for the UK economy next year, when Prime Minister Rishi ... (full story)
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Inflation in Australia continued to decline in the June quarter from its peak at the end of last year, but it remains too high. Headline and trimmed mean inflation were around 6 per cent in yearended terms. Goods price inflation eased further in the quarter, and by more than had been expected, especially for consumer durables. An easing in global cost pressures and a slowing in domestic demand growth are flowing through to domestic goods price inflation. By contrast, services price inflation – especially for market services and rents – remained strong. The outlook for inflation is little changed from three months ago. CPI Inflation is forecast to continue to decline, to be around 3¼ per cent at the end of 2024 and back within the 2–3 per cent target range in late 2025. Further easing in goods price inflation is expected to drive the decline in inflation over the year ahead. However, demand continuing to exceed supply in parts of the economy and domestic cost pressures, due to the associated ongoing tightness in the labour market and rising energy costs, are expected to see inflationary pressures persist for a while, especially for services. At the same time, rent inflation will remain high, particularly as high population growth in recent quarters has added demand post: RBA: BOARD CONSIDERED RAISING RATES AT AUG MEETING, DECIDED STRONGER CASE WAS TO HOLD STEADY #News #Markets #RBA #live post: RBA: POLICY HAS BEEN TIGHTENED SIGNIFICANTLY, FULL IMPACT HAS YET TO BE FELT #News #Markets #RBA #live post: RBA: FORECASTS TRIMMED MEAN INFLATION END 2023 3.9%, END 2024 3.1%, END 2025 2.8% #News #Markets #RBA #INFLATION #live RBA’s MPS: Trims GDP growth and inflation forecasts for end 2023 Some further tightening may be required. • Board considered raising rates at aug meeting, decided stronger case was to hold steady. • Risks around inflation are broadly balanced, but much depends on inflation expectations. Inflation is moving in the right direction, consistent with reaching target by late 2025. • Policy has been tightened significantly, full impact has yet to be felt. • Board mindful of lags in policy, painful financial squeeze on some households. • Board keen to preserve gains made in labour market • Tightening could provide some further insurance against upside inflation risks. • Trims GDP growth and inflation forecasts for end 2023, most others little changed. • Forecasts gdp end 2023 0.9%, end 2024 1.6%, end 2025 2.3%. • Forecasts trimmed mean inflation end 2023 3.9%, end 2024 3.1%, end 2025 2.8%. • Forecasts CPI at end.
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- Posted: Aug 3, 2023 8:16pm
- Submitted by:Category: Fundamental AnalysisComments: 0 / Views: 2,794