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Stats show Australia's annual inflation climbed to 32-yr high
October 27, 2022
|The Business Guardian
Australia's annual inflation has climbed to its highest level in 32 years amid soaring prices for housing and gas.
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The Australian Bureau of Statistics on Wednesday reported the consumer price index (CPI) rose by 1.8 percent in the three months to September 30 and by 7.3 percent over the last 12 months, reports Xinhua news agency. It marks the highest annual figure since 1990.
According to the data, the cost of buying or building a new home rose by 3.7 percent in the September quarter and 20.7 percent over the year. Gas prices increased by 10.9 percent in the quarter, furniture by 6.6 percent, and food prices by 3.2 percent. Those rises were slightly offset by a 4.3 percent fall in petrol prices.
The data was released one day after Treasurer Jim Chalmers handed down the federal budget for the financial year 2022-23.
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