Despite Jump in Australian Petrol Prices, Outlook on Inflation Remains Subdued

Despite Jump in Australian Petrol Prices, Outlook on Inflation Remains Subdued
A fuel bowser is seen with different petrol types on Feb. 29, 2012 in Sydney, Australia. Cameron Spencer/Getty Images
|Updated:

Despite an alarming jump in Australian petrol prices in the last couple of weeks to new peaks, the Reserve Bank of Australia (RBA) said they are focused on the medium to long-term in regards to inflation.

The latest ANZ-Roy Morgan Consumer Confidence and inflation expectations saw inflation expectations jump 0.3 percentage points to 5 percent, the highest level since December 2014.