Looking for help with this practice question - any help is appreciated !! will upvote, thank you :)))

Statement by Philip Lowe, Governor: Monetary Policy Decision Number 2022-33 Date 4 October 2022 At its meeting today, the Board decided to increase the cash rate target by 25 basis points to 2.60 per cent. It also increased the interest rate on Exchange Settlement balances by 25 basis points to 2.50 per cent. The Board is committed to returning inflation to the 23 per cent range over time. Today's increase in interest rates will help achieve this goal and further increases are likely to be required over the period ahead. The cash rate has been increased substantially in a short period of time. Reflecting this, the Board decided to increase the cash rate by 25 basis points this month as it assesses the outlook for inflation and economic growth in Australia. As is the case in most countries, inflation in Australia is too high. Global factors explain much of this high inflation, but strong domestic demand relative to the ability of the economy to meet that demand is also playing a role. urce: RBA, Statement by Philip Lowe, Governor: Monetary Policy Decision In its announcement, the RBA Governor stated "The Board is committed to returning inflation to the 2-3 per cent range over time." As part of your Policy Brief, explain what is meant by the inflation target and how does an inflation target contribute to good economic management? Based on the news updates that we discussed in our lectures and tutorials throughout this course, what are some factors that are currently contributing to inflationary pressures in Australia and globally, and which part of the AD-AS model are they mostly affecting? (2-3 sentences) Statement by Philip Lowe, Governor: Monetary Policy Decision Number 2022-33 Date 4 October 2022 At its meeting today, the Board decided to increase the cash rate target by 25 basis points to 2.60 per cent. It also increased the interest rate on Exchange Settlement balances by 25 basis points to 2.50 per cent. The Board is committed to returning inflation to the 23 per cent range over time. Today's increase in interest rates will help achieve this goal and further increases are likely to be required over the period ahead. The cash rate has been increased substantially in a short period of time. Reflecting this, the Board decided to increase the cash rate by 25 basis points this month as it assesses the outlook for inflation and economic growth in Australia. As is the case in most countries, inflation in Australia is too high. Global factors explain much of this high inflation, but strong domestic demand relative to the ability of the economy to meet that demand is also playing a role. urce: RBA, Statement by Philip Lowe, Governor: Monetary Policy Decision In its announcement, the RBA Governor stated "The Board is committed to returning inflation to the 2-3 per cent range over time." As part of your Policy Brief, explain what is meant by the inflation target and how does an inflation target contribute to good economic management? Based on the news updates that we discussed in our lectures and tutorials throughout this course, what are some factors that are currently contributing to inflationary pressures in Australia and globally, and which part of the AD-AS model are they mostly affecting? (2-3 sentences)