Inflation Gauge up 0.5% in July

Summary: Melbourne Institute Inflation Gauge index rises by 0.5% in July; index up 2.6% on annual basis; bond yields unchanged at end of day.   Despite the RBA’s desire for a higher inflation rate, ostensibly to combat recessions, attempts to accelerate inflation through record-low interest rates have failed to date. The RBA’s stated objective is to achieve an inflation rate of between 2% and 3%, “on average, over time.” Australia’s...

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