Capital Growth, page-122

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Grim sign fresh rate hike coming (msn.com)

“Members acknowledged that if inflation expectations were to rise materially from current levels, it could require significantly higher interest rates to bring inflation back to target, with adverse implications for growth in output and employment,” the minutes show.

Those expectations of rising inflation hit Australia just days later on June 26, when the ABS reported the monthly consumer price index had jumped to 4 per cent in the year to May, up from 3.6 per cent in April.

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Economists had expected a more modest increase of 3.8 per cent.