Australia’s Inflation Now Homegrown: Reserve Bank Boss

Global supply chains and unstable factors in international politics are no longer the main drivers of inflation in Australia, according to the latest insight from the central bank. Addressing economists at an annual dinner on Nov. 22, Reserve Bank of Australia (RBA) Governor Michele Bullock said inflation was becoming “increasingly homegrown and demand-driven.” The governor explained that while the effects of global supply chain disruptions and high energy prices caused by the war in Ukraine on price growth had waned, there had been a solid demand-driven component to inflation in the background. “Supply chain effects were certainly evident in goods prices and, like overseas, we are observing an easing of these pressures,” she said....