Headline inflation leapt to 6.1 per cent last financial year, the highest level since June 2001, driven by record high petrol prices and home building costs.
Headline inflation leapt 6.1 per cent last financial year, the highest level since June 2001 and the introduction of the GST, driven by record petrol prices and surging home building costs.Underlying inflation, the Reserve Bank’s preferred measure, grew 1.5 per cent between April and June, and 4.9 per cent over the year, the highest rate since June 1991.
New dwelling prices increased 20.3 per cent over the year as government support was withdrawn, while petrol prices rose 32 per cent.“The CPI’s automotive fuel series reached a record level for the fourth consecutive quarter,” Australian Bureau of Statistics head of price statistics Michelle Marquardt said.
Fruit and vegetables prices rose 5.8 per cent due to heavy rainfall and flooding in key production areas of NSW and Queensland disrupting domestic supply.
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