Sources: ABS; RBA  So that is a summary of our central forecasts. I would like to return, though, to a point I made at the outset: that actual outcomes can be quite different from the central forecasts. This is especially so in a global pandemic, with all its uncertainties.
The long-run price stability of most commodities, subject to subtle differences in trend, should not come as a surprise. Given sufficient time, consumers and producers adjust to changing market conditions. Persistent price increases encourage consumers to economize on the use of more expensive commodities and move to alternative goods.