Global inflation is on the up
It appears the RBA was spooked by the shockingly low March quarter CPI, and it used this one-off to revise its inflation forecasts lower. Globally, inflation is lifting, and commodity prices are markedly higher now than at the start of the year. The June and September CPI readings are likely to be considerably higher. The May interest rate cut was reasonable given the actual inflation outcome, but further easings will need to see inflation remaining below 2 percent.
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