Australia's central bank saw upside risks to inflation at Oct policy meeting
© Reuters. Pedestrians walk past the Reserve Bank of Australia building in central Sydney, Australia, February 10, 2017. REUTERS/Steven Saphore/File photo
"Members acknowledged that upside risks were a significant concern," the minutes showed."The Board has a low tolerance for a slower return of inflation to target than currently expected." A recent rise in petrol prices could influence inflation expectations, while progress in lowering services inflation was only sluggish, the minutes showed.
The board was also concerned that the sustained rebound in housing prices could be a signal that the currency policy stance was not as restrictive as had been assumed and could be supporting household consumption.
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