Stubborn Service Sector Contributing to High Inflation: RBA

Published on February 13, 2024

The Reserve Bank of Australia (RBA) remains uncertain as to when inflation will return within the accepted range, and thus some relief for mortgage payers may be likely. Speaking to Australian Business Economists (ABE) on Feb. 13, the Bank’s Head of Economic Analysis Marion Kohler said inflation was still high, “but it has been coming down, and at a slightly faster rate than our forecasts three months ago.” The RBA is expecting it to return to its target range of 2 to 3 percent in 2025, and to the midpoint of 2.5 percent in 2026. However, Ms. Kohler stressed “there is substantial uncertainty around forecasts that far out,” as illustrated by the shaded blue area in the graph below....

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