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Australia forecasts high inflation for another 2 years

Australia's treasurer Jim Chalmers delivers a budget update at Parliament House in Canberra, Thursday, July 28, 2022. Australia’s runaway inflation is forecast to remain too high for the next two years and economic growth will slow without falling into recession, the government’s treasurer said on Thursday. (Lukas Coch/AAP Image via AP) Fish meat is sold at a shopping center in Sydney, Australia, Wednesday, July 27, 2022. The Australian Bureau of Statistics said on Wednesday inflation in the year through June was 6.1%, up from 5.1% in the year through March. Inflation only rose by 3.5% during the last calendar year. (AP Photo/Mark Baker) Fish meat is sold at a shopping center in Sydney, Australia, Wednesday, July 27, 2022. The Australian Bureau of Statistics said on Wednesday inflation in the year through June was 6.1%, up from 5.1% in the year through March. Inflation only rose by 3.5% during the last calendar year. (AP Photo/Mark Baker) Fish is for sale at a shopping center in Sydney, Australia, Wednesday, July 27, 2022. The Australian Bureau of Statistics said on Wednesday inflation in the year through June was 6.1%, up from 5.1% in the year through March. Inflation only rose by 3.5% during the last calendar year. (AP Photo/Mark Baker) Flowers on display at a shopping center in Sydney, Australia, Wednesday, July 27, 2022. The Australian Bureau of Statistics said on Wednesday inflation in the year through June was 6.1%, up from 5.1% in the year through March. Inflation only rose by 3.5% during the last calendar year. (AP Photo/Mark Baker) Rose stems for sale at a shopping center in Sydney, Australia, Wednesday, July 27, 2022. The Australian Bureau of Statistics said on Wednesday inflation in the year through June was 6.1%, up from 5.1% in the year through March. Inflation only rose by 3.5% during the last calendar year. (AP Photo/Mark Baker) A shopper leaves a supermarket at a shopping center in Sydney on Wednesday, July 27, 2022. Inflation in the year through June was 6.1%, up from 5.1% in the year through March, the Australian Bureau of Statistics said. (AP Photo/Rick Rycroft) A shopper enters a supermarket at a shopping center in Sydney on Wednesday, July 27, 2022. Inflation in the year through June was 6.1%, up from 5.1% in the year through March, the Australian Bureau of Statistics said. (AP Photo/Rick Rycroft)
Australia forecasts high inflation for another 2 years