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The Guardian - AU
The Guardian - AU
Business
Greg Jericho

The Reserve Bank shouldn’t be spooked by Australia’s imported inflation

the Reserve Bank Reserve Bank Inflation United States Australia Petrol Interest Rates RBA Oil Michele Bullock
Petrol pump Sydney August
‘Should the RBA slow the economy more just so petrol prices might not rise as fast as they otherwise would?’ Photograph: Flavio Brancaleone/AAP

Next Tuesday the new Reserve Bank governor, Michele Bullock, will get her first test when the RBA board meets. Let us hope she is not one to get easily alarmed, given the latest monthly CPI figures showed a small increase in annual inflation.

The figures released on Wednesday by the Bureau of Statistics showed a slight bump in annual inflation from 4.9% in July to 5.2% in August.

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