The Reserve Bank of Australia (RBA) in its latest monetary policy meeting acknowledged the recent increase in volatility in global commodity prices and agreed to take further steps to normalise monetary conditions in Australia over the months ahead, the meeting minutes showed.
"The size and timing of future interest rate increases will continue to be guided by the incoming data and the Board's assessment of the outlook for inflation and the labour market, including the risks to the outlook," the bank stated.
The RBA additionally noted its long-term inflation expectations remain in the 2 to 3 percent target range, adding that the consumer price figure is expected to increase further before declining back towards the target in 2023.
