No recession but inflation hike and increased cost-of-living pressure on the way, Jim Chalmers says

Treasurer Jim Chalmers has warned Australians to expect increased cost-of-living pressures due to the conflict in the Middle East, with inflation projected to rise above 4.5%. Despite this, Chalmers stated that the Australian economy is not expected to fall into recession. Economists predict the Reserve Bank of Australia (RBA) will raise interest rates this week and in May. These economic forecasts come days before the treasurer is set to unveil the federal budget. The anticipated interest rate hikes and inflationary pressures are expected to impact household finances across Australia.