Skip to main content

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.

www.sba.tax

Labels:

Comments

  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

Post a Comment

Cloud Bookkeeping

US FED rate rise.

  The US Federal Reserve officials have indicated that they plan to resume increasing interest rates to control inflation in the world's biggest economy. During the June meeting, the Federal Open Market Committee reached a consensus to keep interest rates stable for the time being to evaluate whether further tightening of policy would be necessary. However, the majority of the committee anticipates that additional rate increases will be required in the future. The minutes of the meeting have recently been made public. According to the minutes, most participants believed maintaining the federal funds rate at 5 to 5.25 per cent was appropriate or acceptable, despite some individuals wanting to raise the acceleration due to slow progress in cooling inflation. Although Fed forecasts predicted a mild recession starting later in the year, policymakers faced challenges in interpreting data that showed a tight job market and only slight improvements in inflation. Additionally, officials gr...
Post a Comment
Read more

India- UK trade deal.

  According to India's top trade official, talks with the UK regarding a trade agreement are progressing well, despite obstacles related to temporary work visas and the opening up industries like automotive and spirits. The Commerce and Industry Minister, Piyush Goyal, explained that India is seeking transition periods or greater market access in specific sectors due to its economy, which is slightly larger than the UK's and expected to outgrow it in the coming decades. If a trade deal is reached, it would be one of the most significant agreements for Britain since leaving the EU, and it would also be necessary for India, which surpassed the UK as the fifth-largest economy last year. Goyal stated that India aims to increase its economy from $3.5tn to $35tn by 2047, the country's centenary of independence. According to officials and diplomats in India, talks about a proposed trade deal may be finished by early September, just in time for the G20 summit in New Delhi. Nigel Hu...
Post a Comment
Read more

EU business slide.

  S&P Global’s flash eurozone composite purchasing managers’ index, a key gauge of business conditions for the manufacturing and services sector, fell 1 point to 47.1, figures showed yesterday. That is its lowest level since November 2020 and the fourth consecutive month below the crucial 50 mark separating growth from contraction. One of the few bright spots in the survey was that companies in all sectors reported a slight easing of cost pressures, price growth and supply chain constraints. However, prices charged for goods and services still rose at the sixth fastest rate since such data started in 2002. Jobs growth increased marginally from October but remained low compared with the past 18 months. Following a few months of falling price pressure in manufacturing and services, the October print shows an overall stabilisation said Jens Eisenschmidt, chief European economist at Morgan Stanley. However, German businesses, at the hub of Europe’s energy crisis, reported that manu...
1 comment
Read more