Larry Williams Drive

The Australian Reserve Bank has hiked the official cash rate to 3.35 percent to tame inflation. This is the ninth consecutive rate hike, and the Reserve Bank is indicating there may be further increases to come. Australian correspondent Murray Olds says inflation rose by 48 percent over the Christmas season, which is well above the RBA's target. Murray Olds says Reserve Bank needed to lift the OCR by 25 basis points to avoid a potential price-wages spiral. LISTEN ABOVESee omnystudio.com/listener for privacy information.