Record fuel prices and cost of new homes push inflation to fastest pace since mid-2014

Record fuel prices and cost of new homes push inflation to fastest pace since mid-2014

Australian Economy, Australia News

25/01/2022 5:57:00 AM

Record fuel prices and cost of new homes push inflation to fastest pace since mid-2014

Australia’s underlying rate of inflation increased to 2.6% annually, which was higher than market expectations

Photograph: Lukas Coch/AAPRecord fuel petrol prices and the highest cost of building new homes in two decades propelled consumer inflation at the end of 2021 to its fastest pace since mid-2014.showed the headline inflation rate for the December quarter was up 3.5% from a year earlier and 1.3% from the previous three months.

Michelle Marquardt, head of ABS’s prices statistics unit, said the 4.2% jump in new dwelling costs and the jump of 6.6% in automotive fuel prices were leading contributors to the higher CPI.The CPI rose in all state capitals, led by Hobart’s 2.2% for the quarter. Melbourne and Sydney, at 1.1% and 1.2% respectively, were close to the national average of 1.3%.

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