Reserve Bank governor Michele Bullock says inflation is now largely a “homegrown” problem, hitting back at claims price rises are mainly driven by global factors outside the central bank’s control.
“An important implication of this homegrown and demand-driven component to inflation is that getting inflation back to target will take time,” Ms Bullock said on Wednesday.
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Michael Read is the Financial Review's economics correspondent, reporting from the federal press gallery at Parliament House. He was previously an economist at the Reserve Bank of Australia and at UBS. Connect with Michael on Twitter. Email Michael at michael.read@afr.com
