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Story summary
- The Reserve Bank of Australia raised its cash rate to 4.1% for the second consecutive month, citing inflation pressures from the Middle East conflict.
- The decision passed 5-4 in a narrow vote, signaling concerns over rising fuel prices and costs.
- Economists predict inflation could exceed 4% in the coming months, driven by higher petrol prices.
- RBA Governor Michele Bullock said curbing inflation is essential to prevent it from becoming entrenched.
