The Consumer Price Index jumped by 2.1 per cent in the first quarter of this year, taking annual inflation to 5.1 per cent – the highest level since the introduction of the GST. 9News What it means for you:
Australia has recorded the largest quarterly and annual increase in inflation since the introduction of the Goods and Services Tax in 2000.showed that the Consumer Price Index rose 2.1 per cent in the March 2022 quarter and 5.1 per cent annually.
A larger-than-expected rise in inflation may also force the hand of Reserve Bank of Australia to hike interest rates at its next meeting on May 3rd.Millions of eligible Australians to receive financial boost from today. Here's who eligible for the $250 payment Head of Price Statistics at the ABS Michelle Marquardt said the most significant contributions to the March CPI were new dwellings, the cost of fuel and the cost of education.
"Fewer grant payments made this quarter from the Federal Government's HomeBuilder program and similar state-based housing construction programs also contributed to the rise.