US Federal Reserve to tolerate higher inflation as Australian dollar rises | Finance Report

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The Australian dollar has been boosted to a near two year high after the US central bank changed its approach to inflation and interest rates. It didn’t prevent the Australia share market from finishing the week lower.

Phillip Lasker has today’s finance report.

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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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