December 9, 2022

Australia’s Inflation Surges

Food and fuel costs in the country have soared, formal data shows

Consumer prices in Australia jumped 7. 3% annually, marking the best since 1990 and almost three times the pace of wage growth, data by the bureau of statistics (ABS) demonstrated on Wednesday.

The prices rose 1 ) 8% in the last quarter, leading market forecasts of 1. 6%, driven by skyrocketing food and energy costs.

According to the report, gas and other household fuel costs soared almost 11% for the one fourth. Food prices in the country had been already climbing at an yearly pace of 9. 0%, with the third quarter seeing a surge of 3 or more. 2%. Annual inflation pertaining to essential goods and services leaped to 8. 4% during July-September, the ABS said.

“ Whether it’s food, whether it’s electricity, many people rent, inflation is community enemy number one. Inflation will be the dragon we need to slay, ”   the treasurer of Australia, Jim Chalmers, said, addressing the statement.

There are also fears that recent flooding across eastern Australia will lift food prices even higher, with supermarket chain Coles already warning of decreasing volumes in fresh foods.

According to economists, prices could spike even higher this quarter.   “ The upshot is that CPI [consumer price index] inflation will method 8% in Q4, ”   senior economist at Capital Economics Marcel Thieliant told Reuters.   “ The stronger-than-expected rise in consumer prices is certainly consistent with our forecast that this RBA [Reserve Bank of Australia] will hike rates more aggressively than most anticipate. ”

The RBA has been increasing interest rates for six consecutive months in an effort to tame pumpiing. The regulator said this month it expects pumpiing in Australia this year to reach 7. 75%, before dropping to just over 4% in 2023 and around 3% in 2024.

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