RBA Governor Bullock says much of the recent increase in inflation is judged to be temporary, but some of it seems to be persistent, adds Board will be monitoring closely the extent to which the strong inflation we have observed is persistent or temporary

• Labour market is still doing very well, calling it good news.

Governor Bullock's remarks suggest a nuanced view on inflation, indicating that while much of the recent uptick may be temporary, there's recognition of persistent inflationary pressures. This commentary could imply that the RBA will take a cautious approach to monetary policy, with potential implications for interest rates and the Australian dollar, especially if inflation remains above target.