Will 2023 provide a more comfortable economic environment than the shock return of war, inflation and energy panic last year? For most of January, new year optimism has been fragile but holding.to continued US economic resilience despite the blow-up in technology stocks, sentiment has switched to believing the world can probably avoid recession after all.
It’s true this is not quite as bad as the 8 per cent previously forecast by the Reserve Bank. But it still translates into another unhappy set of record increases for Australian inflation, making the imminent interest rate outlook instantly more ominous than the market had hoped.December’s headline inflation rate not only came in higher than the 1.6 per cent increase expected. So did the 1.
But so far, Australian consumers still seem to have been consuming away on a lot of discretionary spending.According to the Australian Bureau of Statistics, the most significant contributors to the rise in the December quarter included the 13.3 per cent jump in domestic holiday travel and accommodation and the 7.6 per cent increase for international holiday travel and accommodation. That’s hardly a surprise to aggrieved airline passengers booking expensive trips.
The government’s claims have been backed by the findings of the Australian Market Energy Operator this week showing that wholesale electricity futures prices fell sharply in line with the government’s proposed intervention.But global factors have also been important given the decline in gas prices from their highs as a milder winter helped Europe shift away from its previous dependence on Russian gas.
Except it was lower than RBA expectations if 8%. Why you peddling this BS?
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
December 2022 inflation numbers are ‘higher than expected’Westpac Chief Economist Bill Evans says the 2022 December inflation numbers are “higher than expected”. “They were higher than expected – the market was expecting 7.5, it printed 7.8,” Mr Evans told Sky News Australia. “The underlying number that the Reserve Bank follows most closely, they were predicting 6.5 and it printed 6.9, so the pressures were stronger than had been expected.”
Source: SkyNewsAust - 🏆 7. / 78 Read more »
‘Real pressure’ on the RBA to ‘go hard on interest rates’Sky News Business Editor Ross Greenwood says the reality is, with annual inflation higher than expected, there’s a “real pressure” on the Reserve Bank to “go hard on interest rates”. The annual inflation released on Wednesday revealed that it now sits at 7.8 per cent. “These higher interest rates for many families means that at some point during 2023, there’s almost a brick wall or a cliff if you like that the families is going to hit which could curb their spending which then affects the overall economy,” Mr Greenwood told Sky News host Andrew Bolt. “That’s the grave fear of having this inflation higher for longer and then the Reserve Bank being forced to raise interest rates higher than what they otherwise might have.” not a word about robodebt If people were not in so much debt because they were foolish and self-indulgent inflation would not be such a problem. Go hard or go home
Source: SkyNewsAust - 🏆 7. / 78 Read more »
Inflation rises more than forecast, increasing rate hike oddsInflation comes in higher than expected, increasing the chances of another Reserve Bank interest rate rise next month. Lets send a load of bucks to Ukraine! Norway; Sovereign fund. Citizens each worth a fortune via resources. Australia; globalist, pro elite duopoly sold the lot. Citizens most indebted on the planet with 5% plus rates and rising. Jail LNP and Labor. Of course,end of year splurge to today's poppers
Source: abcnews - 🏆 5. / 83 Read more »
Market ‘pensive’ ahead of December quarter inflation figuresCommSec’s Tom Piotrowski says the markets could be reasonably forgiven for being “pensive” ahead of the December quarter CPI figures to be released later this morning. Mr Piotrowski said the market is set to kick off with a “slight loss” this morning. “We had a reasonable improvement yesterday, we were up by a little under a half of one per cent – markets could reasonably be forgiven for being a bit pensive ahead of the fourth quarter CPI figures which will be released later on this morning,' he told Sky News Australia. Presented by CommSec.
Source: SkyNewsAust - 🏆 7. / 78 Read more »
Inflation increase expected with release of December quarter CPI figures todayAustralia's Consumer Price Index figures for the December quarter will be released today. Headline inflation is expected to increase to 7.5 per cent year on year – up from 7.3 per cent in the September quarter, the highest since 1990. The trimmed mean is tipped to come in at 6.5 per cent – up from 6.1 per cent in the previous quarter. Economists expect the figures to result in further interest rate rises from the RBA.
Source: SkyNewsAust - 🏆 7. / 78 Read more »
Annual inflation hits 7.8 per cent in December quarterSky News Business Editor Ross Greenwood says annual inflation for the December quarter is at 7.8 per cent, up from 7.3 per cent previously. “The market had forecast that inflation would come in at 7.6 per cent today,” Mr Greenwood said. “But what’s happened is a range of different factors have affected the price of goods during that, not only quarter, but over the past 12 months.” Thanks for bringing down the costs of living Albo 👌👏👏
Source: SkyNewsAust - 🏆 7. / 78 Read more »