Inflation is set to hit an incredible high, as the world eyes a global recession. ElizaEdNews 9News READ MORE:
In Australia, this is also known by the term Consumer Price Index, or CPI.The CPI measures quarterly changes in the price of a "basket" of goods and services which account for a high proportion of expenditure by metropolitan households.
The "basket" fundamentally attempts to replicate the real-world spending of normal Australian households.In March, first quarter data showed the CPI surging to 5.1 per cent, up from 3.5 per cent the previous quarter. That jump, which was higher than expected, was largely driven by soaring fuel prices and rising building costs.The word is 6.3 per cent, the highest CPI in more than three decades.The Reserve Bank is warning inflation is likely to hit 7 per cent before the end of the year.With every inflationary rise, your buying power goes down, because you're generally paying more for the items you habitually purchase.
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