Inflation rate in Australia rises at its quickest rate in 32 years
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Inflation rate in Australia rises at its quickest rate in 32 years

The inflation rate in Australia has increased by 7.3%, the highest rate in 32 years.

The cost of living problem is intensifying due to the release of new data just one day after the Budget warned that food and electricity costs would continue to rise.

In the September quarter, headline inflation rose at the quickest annual rate since June 1990.

The consumer price index exceeds the Reserve Bank’s 2 to 3 percent objective, indicating that additional interest rate hikes are anticipated in 2022 and possibly 2023.

As a result of the recent flooding on Australia’s east coast, fruit and vegetable prices skyrocketed by 16.2% in the year leading up to September.

The cost of housing increased by 10,5%, while the cost of food increased by 9%.

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