RBA Governor: input cost pressures driving inflation
In his National Press Club address yesterday, Reserve Bank Governor Philip Lowe made the critical point that inflation has not been driven either by wage increases or by profiteering by businesses but by input cost pressures. The key message is that a restrained approach to price and wage increases in coming months can materially assist in preventing a self-fulfilling lift in inflationary expectations with adverse consequences for interest rates and unemployment.
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