Article by NZ Herald Business
Key points
- Australia’s Consumer Price Index (CPI) has risen for the fourth consecutive quarter, with the official measure for household inflation rising by 1.9% since September 2022
- While the increase was expected, December’s quarterly figures reflected a year-on-year change of 7.8% — the biggest annual leap since 1990
- The most significant price increases were seen in holiday travel and accommodation within Australia (13.3%), electricity (8.6%) and international holiday travel and accommodation (7.6%)
- Food and non-alcoholic beverages reflected a year-on-year change of 9.2%.
Australian Bureau of Statistics figures also reflected a 2.1% rise in costs for “meals out and takeaway food”, which the ABS said was evidence of eateries passing on “rising costs for inputs including ingredients and labour”.
The ABS also said it was the fourth consecutive quarter to show “a rise greater than any seen since the introduction of the Goods and Services Tax (GST) in 2000″.
“The increase for the quarter was slightly higher than the quarterly movements for the September and June quarters last year (both 1.8 per cent),” the ABS said.
To learn more about how Alliott NZ can help you do business in New Zealand visit alliottnz.com. Alliott NZ is a Top 30 NZ Accounting Firm and 2022 Newmarket Business Awards winner.
Article first published by NZ Herald — Australia‘s annual inflation rate hits 7.8% in December, highest since 1990. Available at: https://www.nzherald.co.nz/business/australias-annual-inflation-rate-hits-78-in-december-highest-since-1990/WJVWRDMCX5A2PPFWLBKLH67C5U/ [25 Jan 2023].