Australian Treasurer: Inflation is expected to peak at 4.25% by mid-year

Golden Ten Data reported on June 28 that Australia's Treasurer Jim Chalmers stated that due to easing inflationary pressures from falling oil prices, Australia's overall inflation rate is expected to peak around 4.25% by mid-year, lower than previously anticipated. The decline in oil prices and progress in peace talks in the Middle East are helping to accelerate the fall in inflation. "We are eager for the ceasefire to hold," Chalmers said. "Regarding the situation in the Middle East, particularly the issue of the Strait of Hormuz, we cannot experience another false dawn." Due to uncertainties in the Middle East, inflation in the economy remains higher than expected, but the progress has been more significant than anticipated. Chalmers did not comment on core inflation expectations—a statistic closely monitored by the Reserve Bank of Australia in setting interest rates—but he noted that core inflation is also "moving ahead of schedule" and announced that the Treasury Department will update its forecasts by mid-year.