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AUSTRALIAN INTEREST RATES EXPECTED TO CLIMB AGAIN IN FEBRUARY.
SYDNEY, Feb 1 Asia Pulse - Home owners struggling with mortgage repayments are tipped to cop yet another interest rate rise next week as the highest annual core inflation numbers in 16 years force the Reserve Bank of Australia to act.
But worries about a US recession could prevent further rate increases in 2008 as global share markets continue to wobble.
The major banks raised their retail lending rates last month, even though the RBA did not meet in January, so higher global money market borrowing costs could be passed on to customers.
With its first board meeting of 2008 scheduled for next Tuesday, seventeen out of the 19 economists surveyed by AAP expected the RBA to raise interest rates by a quarter of a percentage point.
The median forecast is for the RBA to announce a cash rate of seven per cent, the highest level since November 1996, as official rates go up for the 11th time in succession.
Speculation about another rate rise surged after the Australian Bureau of Statistics revealed last month that annual core inflation in the three months to December was at its highest level since the September quarter of 1991.
The average of the RBA's two preferred measures of underlying inflation was an annual rise of 3.6 per cent.
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