Over the coming months the rate of increase in consumer prices could continue to be affected by lagged effects of the increase in import prices. For the outlook for price stability in the medium term, it is essential that these short-term movements of inflation do not become protracted and translate into second round effects.
https://www.rba.gov.au/speeches/2020/sp-ag-2020-07-27.html  2/14  27/07/2020  The Reserve Bank's Operations – Liquidity, Market Function and Funding | Speeches | RBA  Graph 2  Central banks that had room also cut policy rates. In many cases that was accompanied by forward guidance that policy rates would remain low for some time.