Oil price rises to over $80 as inflation increases worldwide

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Oil prices are continuing to rise as supply chains and economies have picked up from the pandemic, according to Sky News Business Editor Ross Greenwood.

The oil price overnight rose to US$80.71, up by $0.27 but banks are seeing the inflation as transitory.

The Reserve Bank of Australia is hesitant to raise interest rates before the scheduled date of 2024.

The RBA fears if interest rates rise now, it will effectively "bake the inflation" into the economy, leading to rises in house prices and other assets.
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