Reserve Bank of Australia Governor Michelle Bullock has warned that inflation remains too high domestically as global oil shocks from Middle East conflict add pressure to the economy. Financial markets are now pricing in a 30% chance of an interest rate hike at the RBA's next meeting in a fortnight, up from just 5% before Bullock's comments at the AFR Business Summit. The central bank is closely monitoring how prolonged energy price disruptions could impact business expenses and household costs.

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