Despite an alarming jump in Australian petrol prices in the last couple of weeks to new peaks, the Reserve Bank of Australia (RBA) said they are focused on the medium to long-term in regards to inflation. The latest ANZ-Roy Morgan Consumer Confidence and inflation expectations saw inflation expectations jump 0.3 percentage points to 5 percent, the highest level since December 2014. “The rise in average petrol prices of more than 10 percent nationally in the past two weeks likely had an impact on household perceptions of price increases,” ANZ head of Australian economics David Plank said. The RBA often states that it will not increase the cash rate, currently at 0.1 percent, until inflation is “sustainably” within 2 to 3 percent, forecasted for 2024. Therefore, it is unlikely the central bank will be phased by the latest spike in inflation led by petrol prices, especially while wages growth remain subdued—even …