has shed as much as $50 billion in an erratic day's trade that may pave the way for momentous economic decisions to come.
A key shift for many was surprise inflation data that showed the cost of living was rising far faster than expected – prompting many economists to bring forward their estimates for when the Reserve Bank of Australia will increase interest rates. The RBA has long maintained a sustained increase in underlying inflation would force their hand to increase interest rates.Much of the day's losses were felt by the minerals sector, with notable downwards tracking for Chalice Mining , Paladin Energy and Pilbara Minerals .
Canstar's editor-at-large Effie Zahos said today's inflation figures would have far-reaching impacts on the finances of ordinary Aussies."The white elephant in the room has been inflation and today's numbers confirm what we have all been feeling, that things are getting very expensive in 2022," Ms Zahos said.
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