Ten of the 11 categories tracked by the Australian Bureau of Statistics recorded price growth in the March quarter.
AMP Capital chief economist Shane Oliver said that in the March quarter 56 per cent of consumer price categories had a price rise of more than 3 per cent over the period, compared with 35 per cent in the previous quarter.
Food and non-alcoholic beverage prices rose 2.8 per cent in the three months to March 31, led by vegetables and fruit due to COVID-related supply chain disruptions, and high transport and fertiliser costs. The price of petrol has fallen from more than $2 a litre to about $1.70 since the March 29 budget unveiled the cut to the fuel excise by 22.1¢ a litre.Education costs rose 4.5 per cent in the quarter, led by tertiary education prices jumping 6.3 per cent due to a catch-up in fees for new students.
The ending of free preschool in Victoria also contributed to the rise in preschool and primary school fees, the ABS said.
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