CPI rose by 1.9% in the December quarter driven by surging electricity prices and the cost of holiday travel and accommodation
in part driven by easing shipping and housing costs could mean inflation has peaked.
The ABS said the past year had seen “strong quarterly rises off the back of higher prices for food, automotive fuel and new dwelling construction”. The trimmed mean annual inflation, the measure of underlying inflation which excludes large price rises and falls, increased to 6.9%.– have prompted a series of eight consecutive interest rate rises from May 2022, as the RBA lifts the cash rate out of emergency levels to push inflation back towards its 2-3% target band.that the RBA will likely have three more 25 basis-point increases by May to bring the interest rate to 3.85% before the hikes end.
On Sunday the treasurer, Jim Chalmers, told reporters in Brisbane he hoped that inflation had now peaked, describing it as “the defining challenge in our economy”.Our Australian morning briefing email breaks down the key national and international stories of the day and why they matterNewsletters may contain info about charities, online ads, and content funded by outside parties.
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