Australian inflation hits a post-1990 peak

Australia’s consumer price index hit its highest level since 1990 in the December quarter of 2022.

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Inflation in Australia rose to a new 32-year high of 7.8% in the final quarter of fiscal 2022, rising at the fastest pace since March 1990.

Year-to-date figures on consumer price rise supported by higher prices of food, auto fuel and new residential construction, report Australian Bureau of Statistics.

Prices rose the most for domestic and international travel-related expenses, up 13.3% and 7.6%, respectively.

Economists polled by Reuters had expected the consumer price index this quarter to rise 7.5 per cent, below the Reserve Bank of Australia’s 8% forecast. Commodity prices rose 9.5%, a slightly less impressive increase from the previous quarter’s 9.6% — service costs rose 5.5%, the highest since 2008.

The release said “average annual inflation has been trimmed”, a reading that does not include large increases and decreases in prices, rose to 6.9%, the highest level since the government began. published that information in 2003.

Shares of Australia-listed banks wiped out previous gains after the release of the report, including Commonwealth Bank of Australia, Westpac Bank Groupand National Australia Bank trades below a straight line – in hopes of a dip, the central bank will pause rate hikes to tame inflation.

The Australian dollar up 0.51% and last traded at 0.7082 against the US dollar.

On Tuesday, the National Australia Bank’s monthly business survey showed business conditions in December worsened with a reading of 12, down from 20 in November. 0 indicates favorable conditions, while numbers below 0 indicate negative conditions.

Survey reflects trading conditions deterioratedprofits and jobs, the NAB said.

“The key takeaway from the December monthly survey is that growth has slowed significantly by the end of 2022, amid pressures on prices and purchasing costs,” said NAB chief economist Alan Oster. may have peaked.”

Meanwhile, business confidence in December rose 3 points to -1, an improvement from -4 points in November.


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