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6/21, 2:36 AM (Source: TeleTrader)
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Russia's invasion cause of disruptions in global markets - RBA's Lowe

Reserve Bank of Australia (RBA) Governor Philip Lowe (pictured) said Russia's military operation in Ukraine has caused "major" descriptions to the food and energy markets, further increasing prices at a "challenging time" in the global economy. "As a result, oil prices have increased by 28 percent since February and global food prices, including the prices of wheat and vegetable oils, have increased sharply," said Lowe.

The governor noted also that the central bank is committed to doing what's necessary to achieve its inflation target. "We do not need to, nor can we, get there immediately. Australia has long had a flexible medium-term inflation target, which, by design, can accommodate deviations of inflation from target," he concluded.

Baha Breaking News (BBN) / NL