Australia’s central bank chief said taming consumer prices remains a “crucial challenge” for policymakers after they resumed raising interest rates two weeks ago to ensure inflation expectations stay contained.

“Inflation is a crucial challenge over the next one to two years,” Reserve Bank Governor Michele Bullock said on a panel discussion on Tuesday. “Inflation at the moment really is all a supply driven thing. Petrol prices, rents, these sorts of things, energy, but there’s an underlying demand component to it as well. And that’s what central banks are trying to get on top of.”