RBA: Bringing Down Stubborn Inflation to be Slow Process Despite Recent Rate Hikes
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Inflation in Australia proving more stubborn than expected, largely due to services sector price pressures
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Bringing inflation down will be a gradual, drawn-out process according to RBA Assistant Governor Marion Kohler
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RBA raised rates to 4.35% last week due to inflation not subsiding fast enough
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Falling goods prices leading inflation slowdown, but domestic costs still rising from high demand and wages growth
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Economic growth expected below trend over next year due to cost-of-living pressures, rates hikes and higher taxes weighing on incomes