Mortgage borrowers hit with another double rate hike | The Business | ABC News

ABC News (Australia) published this video item, entitled “Mortgage borrowers hit with another double rate hike | The Business | ABC News” – below is their description.

The Reserve Bank has raised interest rates for the third month in a row, increasing the official cash rate by 50 basis points to 1.35 per cent to try to curb surging inflation.

ABC News (Australia) YouTube Channel

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About This Source - ABC News (Australia)

The video item below is from ABC News (Australia). ABC News is a public news service in Australia produced by the News and Current Affairs division of the Australian Broadcasting Corporation.

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In economics, inflation refers to a general progressive increase in prices of goods and services in an economy. When the general price level rises, each unit of currency buys fewer goods and services; consequently, inflation corresponds to a reduction in the purchasing power of money.

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