RBA Warns Inflation Top Economic Concern, Higher Rates on the Horizon

The Reserve Bank of Australia (RBA) has identified inflation as the country's primary economic problem, with Deputy Governor Andrew Hauser stating that the bank may need to raise interest rates further to address it. Hauser cited upside risks to inflation, including higher oil prices due to the Middle East conflict, supply chain disruptions from COVID-19, and a stronger-than-expected rebound in the economy. The RBA's focus on inflation has been echoed by its governor, who has also hinted at the need for higher interest rates to combat the issue.