Economists say the impacts of the COVID-19 pandemic, the war in Ukraine and a spike in commodity prices have been felt across advanced economies. Here's how the rest of the world compares.
, Philip Lowe said he'd heard from people about their distressing circumstances.
Australia is not the only country facing rate hikes. Economists say the impacts of the COVID-19 pandemic, the war in Ukraine and a spike in commodity prices have been felt across advanced economies.Professor Mariano Kulish, from the University of Sydney's School of Economics, said the global economy felt a collective "shock" in the COVID-19 pandemic.
"Australia is not unique in that rebound story. And as a result, we've had high inflation across the advanced world," she told SBS News.Professor Kulish said rising inflation came down to increased demand for goods and services coupled with contractual supply chain issues in some parts of the world. Earlier this month, it raised the cash rate by a quarter of a percentage point to 3.35 per cent. It was the ninth increase since last May and takes the rate to its highest level since September 2012.
"If you look at the US, inflation is starting to come down - maybe not as fast as the Federal Reserve would want to - but it looks as if it's turned the corner," Professor Kulish said.
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