Australia's inflation rate has hit a 20-year high, paving the way for higher interest rates. Official figures show inflation rose by 1.8% in the June quarter - 6.1% through the year. auspol 7NEWS
The annual inflation rate jumped to 6.1 per cent in the year to June, the highest level in more than two decades.For more Personal Finance related news and videos check outIt illustrates a fact that many Australians know far too well - that the cost of just about everything is rising.
“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. In the June quarter, a head of lettuce was reported as costing up to $10, a result of supply shortages due to flooding in New South Wales and Queensland.
Annual trimmed mean inflation, which excludes large price rises and falls, increased to 4.9 per cent - the highest since the ABS first published the series in 2003.“It is not news to millions of Australians who feel its inflation challenge, every time they go to the supermarket and every time the bills arrive,” he said.
Chalmers is preparing for an economic statement to parliament on Thursday, ahead of the October budget.He said inflation would be revised up “substantially” with growth revised down, as well as point to a short-term lag in wages.
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