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Australia's inflation rose to 7.8%.

 Offi­cial data yes­ter­day showed that infla­tion rose to 7.8 per cent year on year in the Octo­ber to

Australia

Decem­ber quarter, the highest rate since 1990. The read­ing will dash hopes of a pause in rising interest rates, which have climbed above 3 per cent since May, put­ting pres­sure on house­hold fin­ances. Jim Chalmers, Aus­tralia’s treas­urer, noted that the 1.9 per cent quarter-on-quarter rise was lower than the 2.1 per cent recor­ded in the three months to March but added that price growth was non­ethe­less «unac­cept­ably high». The gov­ern­ment has inter­vened in the energy sec­tor to try to reduce a pro­jec­ted 56 per cent surge in elec­tri­city costs this year.

Chalmers,Aus­tralia’s treas­urer, said there were early signs that the move had «taken the sting out of» energy prices, which rose 8.6 per cent in the quarter annually. Hous­ing prices rose 10.7 per cent in the fourth quarter, while food and non-alco­holic bever­ages jumped 9.2 per cent. Enter­tain­ment and recre­ation was another significant factor in price rises in the Decem­ber quarter, gain­ing 9 per cent year on year on the back of increas­ing flight and accom­mod­a­tion prices, as the tour­ism sec­tor reboun­ded from the Covid-19 pan­demic lock­downs put in place in 2021.

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  1. Sebastian26 January 2023 at 10:21

    It's interesting that this is the highest rate since 1990. It seems that Australia has a pretty good economy.

    ReplyDelete
  2. Jose26 January 2023 at 13:04

    So Australia got a 10% rise in prices overall (on average). Not good but not bad either considering other countries have much more than that ever since Russia invaded Ukraine and Covid.

    ReplyDelete

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