The Reserve Bank of Australia (RBA) is starting to closely monitor the country’s current state of inflation to plan for its next course of action while warning the public of higher price pressures in the coming months. At its monthly board meeting on April 5, the central bank decided to maintain the official cash rate at a record low of 0.1 percent. However, it appeared to be more concerned about the prospect of inflation. Annual inflation was already at 3.5 percent at the end of 2021. But before that, the RBA had expected it to approach 3.75 percent by June 2022, surpassing the central bank’s inflation target of two to three percent. Speaking at a Senate hearing on April 6, assistant RBA governor Christopher Kent clarified that the central bank made this inflation forecast of 3.75 percent before Russia invaded Ukraine. The war has driven up commodity prices, acting in …