Inflation in Australia at 32-year high

Inflation in Australia was 7.8 percent in the last quarter of fiscal 2022.

Inflation in Australia hit 7.8 percent in the last quarter of fiscal 2022, the highest level in 32 years, the fastest since March 1990.

The increase was supported by higher prices for food, automotive fuel and new home construction, according to the Australian Statistics Office.

Prices increased the most in domestic and international travel-related costs with 13.3 percent and 7.6 percent, respectively.

Economists believe that inflation is based on the Bank of Australia’s 8 percent assumption. under They claimed it would increase by 7.5 percent. Goods prices rose 9.5 percent, a little less than 9.6 percent from the previous quarter, with the cost of printing services up 5.5 percent, the highest level since 2008.