Inflation outstrips expectations with biggest jump since 2014

Petrol and new home prices rose sharply over the December quarter leading to the highest rate of annual inflation since 2014 and contributing to economists’ forecasts ofOver the 12 months to the December quarter the consumer price index jumped 3.5 per cent, Australian Bureau of Statistics data released on Tuesday morning shows. There was a 1.3 per cent rise in inflation for the final three months of the year.Trimmed mean inflation jumped 2.

“Annual price inflation of goods surpassed that of services in the December quarter and was the highest since 2008,” Ms Marquardt said.“More broadly, global supply chain disruptions and material shortages, combined with rising freight costs and high demand, contributed to price increases across a wide range of goods including dwelling construction materials, motor vehicles, furniture and audio-visual equipment.

. The Reserve Bank has continued to say 2024 is the most likely case for an increase, however unemployment has fallen faster than the central bank has predicted and economic indicators are strengthening.Commonwealth Bank card spending data for the week to January 21 was stronger than earlier in the month, when Omicron was ramping up and households were voluntarily staying home to stop the spread of the virus.

JennieDuke This country cant afford rate rises Any bank rate over 5% puts strain on almost anyone who took out a home loan in the last 4 years. The economy wasn't doing well pre covid. Ots a basket case now.

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