Commonwealth Bank’s Head of Australian Economics Gareth Aird says the bank forecasts annual inflation to hit seven per cent.
Mr Aird said, “whatever way you slice it”, at the moment, inflation is “red hot”.
“If we’re right in terms of our forecasts, what we’ll actually see in terms of headline inflation is that over the past three quarters, the quarterly rates have actually eased a little bit, but the annual rate is still pushing higher, basically due to base effects,” he told Sky News Australia.
