Australia’s Inflation Surges

Australia’s Inflation Surges

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Consumer prices in Australia jumped 7.3% annually, marking the highest since 1990 and almost three times the pace of wage growth, data by the bureau of statistics (ABS) showed on Wednesday. The prices rose 1.8% in the last quarter, topping 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 quarter. Food prices in the country were already climbing at an annual pace of 9.0%, with the third quarter seeing a surge of 3.2%. Annual inflation for essential goods and services leaped to 8.4%...
Source: https://www.newswars.com/australias-inflation-surges/