This share is the highest it has been in a number of decades and the last time it was close to this in 2008, inflation was well above target and the Bank was increasing the policy rate.
4  R E S E R V E B A N K O F AU S T R A L I A  Graph 4  Headline Inflation Forecasts Year-ended %  Forecasts  8  % 8  Current  6 4  6 4  Actual  Previous  2  2  0  0  -2  2014  2016  2018  2020  2022  2024  -2  Sources: ABS; RBA  Graph 5  Share of CPI Items Rising by More than 3 Per Cent* %  %  80  80  60  60  40  40  20  20  0  1997  2002  2007  2012  2017  2022  0  *  Proportion of CPI items by number with annualised quarterly growth more than 3 per cent; based on seasonally adjusted data; adjusted for the tax changes of 1999–2000.