The official inflation rate has surged yet again, illustrating a cost of living crisis many Australians are all too familiar with. 7NEWS
The Australian Bureau of Statistics on Wednesday morning confirmed the annual inflation rate to June had risen to 6.1 per cent.For more Personal Finance related news and videos check outHead of Prices Statistics at the ABS Michelle Marquardt said the 1.8 per cent rise was the second-highest since the introduction of GST.
“Shortages of building supplies and labour, high freight costs and ongoing high levels of construction activity continued to contribute to price rises for newly built dwellings. “The CPI’s automotive fuel series reached a record level for the fourth consecutive quarter. Fuel prices rose strongly over May and June, following a fall in April due to the fuel excise cut.”Vegetables rose 7.3 per cent, meals out and takeaway foods rose 1.4 per cent and fruit rose 3.7 per cent.
Economists expect the surge will prompt the Reserve Bank of Australia to hike the cash rate for a fourth consecutive month when the board meets next Tuesday.
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