Inflation can turn negative in 2023

📆 7/29/2022 2:46 PM
📰 FinancialReview

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Inflation could be going backwards by late next year as petrol prices fall and supply chain pressures ease, enabling the RBA to avoid being too aggressive on interest rate rises.

Inflation could turn negative by late next year as petrol prices decline and supply chain pressures ease, allowing the Reserve Bank of Australia to avoid being too aggressive on interest rate rises.

The sharp rise in the cost of oil, shipping, freight and manufacturing stems from Russia’s war on Ukraine driving up energy prices, China’s COVID-19 restrictions choking global supply chains, ultra-loose monetary policy and government spending.

A negative quarterly headline inflation rate was “not out of the question” later next year if the global price of oil and petrol prices fell significantly, said ANZ economist David Plank.

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