Sorry, what? The latest interest rates rise suggests the RBA board is completely lost to logic | Greg Jericho

How could it come up with that decision given what it said in April and the new data we have seen since then?

The Reserve Bank's decision to raise the cash rate on Tuesday to 3.85% suggests a board completely lost to logic and we should be thankful that soon the decision to change rates will be taken out of its hands.

Last month, when the RBA decided after 10 straight meetings to keep the cash rate steady, it presented a number of reasons. The chief was that a range of information, including the monthly CPI indicator, suggests that inflation has peaked in Australia. Goods price inflation is expected to moderate over the months ahead due to global developments and softer demand in Australia."