SYDNEY, June 18 (Xinhua) -- The Reserve Bank of Australia (RBA) has left the cash rate target unchanged at 4.35 percent after its monetary policy meeting concluded on Tuesday.
The RBA board said in a statement that inflation has fallen substantially since its peak in 2022, as higher interest rates have been taking effect, but the pace of decline has slowed in the most recent data.
According to data from the Australian Bureau of Statistics, the monthly Consumer Price Index (CPI) indicator rose by 3.6 percent in headline terms over the year to April, and by 4.1 percent, excluding volatile items and holiday travel, which was similar to its pace in December last year.
With inflation still above the midpoint of the 2-3 percent range, the RBA reaffirmed its resolute determination to bring the CPI indicators back to the target.
"The economic outlook remains uncertain and recent data have demonstrated that the process of returning inflation to target is unlikely to be smooth," said the RBA board.
"Inflation is easing but has been doing so more slowly than previously expected, and it remains high. The Board expects that it will be some time yet before inflation is sustainably in the target range," it added.
The central bank's board didn't rule out further tightening of rates.
Since climbing to 4.35 percent in November last year, Australia's cash rate target has remained at its current level for seven months in a row. ■
