Australia's central bank to continue to raise interest rates to inflation

Sydney on Feb. 7 (xinhua hao yalin, britain-based authority), the reserve bank of Australia (central bank) 7, announced that its benchmark rates by 25 basis points to 3.35%, at the same time increase foreign exchange settlement balance interest rates by 25 basis points to 3.25%.

This is the central bank since May 2022, the ninth consecutive interest rate hikes, the central bank said the next few months could continue to raise interest rates in response to rising inflation.

Monthly monetary policy of the central bank issued a statement, said the global inflation is high, while energy prices helped ease inflation, but inflation back to target range still need a period of time.

Issued in January, according to Australian bureau of statistics latest data, in the fourth quarter of 2022 Australian consumer price index (CPI) rose 1.9% month-on-month, rose 7.8%, year-on-year increase of record since 1990.

Australia's central bank governor Philip lowe said, to consider the global and domestic demand growth, Australia's inflation this year will fall, is expected to drop to 4.75%.

Said, the central bank is expected in the next few months continue to raise interest rates, to ensure that inflation will fall to ensure high inflation is only temporary.