Australia Inflation Hits 32-Year High of 7.8%

Australian inflation hit a new 32-year high of 7.8% in the fourth quarter of the fiscal year 2022, the fastest annual rate of increase since March 1990.

According to the Australian Bureau of Statistics, the yearly statistic of a rise in consumer prices is supported by higher prices for food, automobile gasoline, and new home development.

Domestic travel expenditures increased by 13.3%, while foreign travel costs increased by 7.6%.

The Reserve Bank of Australia predicted that the consumer price index would increase by 8% for the quarter, although economists polled by Reuters predicted a lesser increase of 7.5%. The price of products increased by 9.5%, which is somewhat less than the 9.6% rise seen in the previous quarter, while the price of services increased by 5.5%, the biggest increase since 2008.