Effectively, the rate of inflation is determined by measuring how much more something costs now than it did three months ago.
Recreation and culture, transport, furnishing, household equipment and services, alcohol and tobacco, health, insurance and financial services, education, clothing and footwear, and communication make up the 11 groups.“If you tell people the cost of living’s gone up 6 per cent, they would say ‘tell me something new’,” he told 7NEWS.com.au.
The Reserve Bank of Australia will likely react to an increased inflation rate by once again lifting the cash rate. “Global factors account for much of the increase in inflation in Australia, but domestic factors are also playing a role. “If it’s around 6.2 or 6.3 ... then I suspect the RBA will go ahead with a 0.5 per cent interest rate hike next week.
“In considering its decision on wages for this year, the government recommends the Fair Work Commission ensures that the real wages of Australia’s low-paid workers do not go backwards,” the government said in its submission to the FWC.
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