Australian prices rose 6.1% in the June quarter, the fastest annual pace in more than three decades, as consumers forked out more for everything from fuel to electricity and food.
Increasing inflation is stoking expectations of another rate hike when the RBA board meets next Tuesday.Increasing inflation is stoking expectations of another rate hike when the RBA board meets next Tuesday.First published on Wed 27 Jul 2022 02.35 BST
Australian prices rose 6.1% in the June quarter, the fastest annual pace in more than three decades, as consumers forked out more for everything from fuel to food. Transport costs alone increased 13.1% as the cost of fuel rose to record levels for the fourth quarter in a row, with Russia’s invasion of Ukraine in February the latest propellent. The cost of new houses also rose 9% from a year earlier.also showed the measure most closely watched by the Reserve Bank accelerated too. The trimmed mean gauge of inflation rose to 4.9% in the April-June period from 3.
Economists had predicted the headline consumer price index figure for the June quarter to come in at 6.3%, or the most since the 6.9% rate recorded in the December quarter of 1990. In March, the CPI was 5.1%.
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