New inflation figures are expected to show consumer prices rising faster than wages with some economists predicting the annual rate could hit between 6 and 7 per cent. Follow live.
It all comes down to supply and demand.is how much of that thing is wanted.
Probably the most basic concept in economics is that prices will adjust based on supply and demand, and vice-versa. In other words, if people want to buy more of something than is available, then the price will go up to ration the goods to the people who are willing and able to pay that cost. So with COVID, the war in Ukraine and flooding in eastern Australia, the production and distribution of many goods has been restricted.Lori Youmshajekian
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