/ 28 October 2021

Fuel and house prices drive inflation

Image source: Unsplash
Image source: Unsplash

New consumer price data released by the Bureau of Stats yesterday revealed inflation exceeded expectations in the July to September quarter, jumping by 0.8%. That makes prices 3% higher than this time last year, driven by hikes at the bowser (7.1%) and the cost of new homes (3.3%). It’s the first time in 6 years that inflation has hit the Reserve Bank’s 2-3% target, but analysts say it’s unlikely the RBA will raise interest rates, not while pandemic woes continue to trouble the economy… Treasury Secretary Steven Kennedy yesterday said that the economy shrunk by “around 3%” in the September quarter thanks to lockdowns in NSW and Victoria. Boo…

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