The Reserve Bank of Australia (RBA) raised its benchmark interest rate to 4.6 percent on Monday, marking the highest level in 15 years. The decision was made as the country continues to grapple with stubborn inflationary pressures.
The RBA’s move follows a series of rate hikes over the past year aimed at tempering price growth. The 4.6 percent rate is now the highest the central bank has set since the early 2000s.
Economists say the increase is intended to curb inflation without triggering a sharp slowdown in economic activity. The RBA has indicated that it will keep a close eye on price trends and may adjust policy further if necessary.
Australia’s inflation rate has remained above the RBA’s target range, prompting the central bank to take a firm stance. The latest rate hike is part of a broader strategy to maintain price stability while supporting sustainable growth.
<small>Source: Al Jazeera — read the original story there.</small>
