Inflation equals the level seen after the introduction of the goods and services tax, with prices jumping more than 6 per cent over the past year.
Inflation over the year to June hit 6.1 per cent, which is the highest level in 21 years, since the GST was introduced.
Without the impact of that tax, you have to go all the way back to December 1990 to find a steeper annual level of consumer price increases - inflation was 6.9 per cent the year before the "recession we had to have". "The recent drop in crude oil suggests that automotive fuel inflation will slow sharply over coming quarters," noted Marcel Thieliant from Capital Economics."Admittedly, with both wholesale gas prices and wholesale electricity prices around five times their 2021 average, utilities inflation will pick up."
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