Australia pledges to tame inflation, bumps interest rates

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Australia’s central bank raised interest rates by another 50 basis points Tuesday while pledging to “do what is necessary” to bring soaring inflation under control.

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The Reserve Bank of Australia’s fourth successive increase saw its central rate rise to 1.85 percent, and officials put borrowers on notice of more.

Governor Philip Lowe said inflation -- already at the highest level in decades -- was expected to reach 7.75 percent this year, and may take two-three years to bring back to stable levels.

The bank, like others around the world, faces a difficult balancing act in trying to curb consumer prices without stalling the already slowing economy.

“The path to achieve this balance is a narrow one and clouded in uncertainty, not least because of global developments,” said Lowe.

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