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Consumers were hit with the biggest annual rise in fruit and vegetable costs in a year in May, while inflation in the cost of alcohol, clothes and electricity also increased in annual terms.; both Deutsche Bank and UBS now expect the board to raise the cash rate to 4.6 per cent, from 4.35 per cent, at the next meeting.
Betashares chief economist David Bassanese said the inflation figures were a “shocker” and placed “huge pressure on the Reserve Bank to raise interest rates in August”. Mr Willox said monetary policy settings had not yet brought inflation to heel, due in part to fiscal policy working against the RBA.
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