“Inflation will get worse before it gets better, but it will get better,” he said on Tuesday.
“Strong demand, tight labor market and capacity constraints in some sectors are contributing to the upward pressure on prices. The floods are also affecting some prices.”
The official cash interest rate has risen to 1.35 percent in what is a steady rise, driven by global and domestic pressures that have led to high levels of inflation. Source: australiabusinessblog News
He said inflation is expected to peak at the end of this year, but is expected to decline to two to three percent by 2023.
– With AAP.