Business Technology, Finance Technology & Information Technology
In Q4 2022, Australia’s annual inflation reached a 32-year high.
According to official data released on Wednesday, Australia’s annual inflation rate in the fourth quarter of 2022 was 7.8 percent, the highest level since 1990.
According to the Australian Bureau of Statistics, “the past four quarters have seen robust quarterly rises off the back of rising prices for food, automobile gasoline, and new home development.”
In the final quarter of 2022, fuel prices in Australia rose 13.2 percent annually.
Food and non-food grocery prices increased between October and December, which can be attributed to rising producer input costs and strong holiday demand.
According to the report, rent costs nationwide increased by 3.7 percent from the previous year.
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