Governor Michele Bullock of the Reserve Bank of Australia warns that Middle East conflict is fueling global economic uncertainty, risking higher inflation and a slight drag on Australia’s growth this year. She cautions against stagflation, recalling the 1970s wage-price spiral, and stresses the critical need to anchor inflation expectations—emphasizing that while some prices like fuel may rise permanently, broader inflation shouldn’t become entrenched. Bullock reassures that long-term expectations remain manageable, but hinges on decisive central bank action.
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