Dr Lowe warned rates might not fall this year either as the nation struggled to bring inflation from 3.4 per cent to its target rate of between 2-3 per cent.
“It’s possible they’ll need to go up again because there’s still quite a lot of underlying cost pressures in the economy,” he said. “If wages are growing at 4 per cent, that doesn’t make for 2.5 per cent inflation unless productivity growth picks up. There’s still quite a lot of cost pressures in the economy, partly because productivity growth is weak.”
Dr Lowe warned rates might not fall this year either as the...
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