KA-BOOM! Australian inflation goes through the roof
- Australia’s CPI rose big time in the March Quarter, the highest rise since the introduction of the GST.
- New dwelling construction costs soared 6.7% above the March 2021 quarter amid raw material shortages, labour constraints & supply chain disruptions.
- Automotive fuel prices rose at the strongest annual rate in over 30-years.
In the March quarter, Australia’s inflation rate recorded its largest quarterly (2.1%) and annual (5.1%) jumps since the introduction of the GST, 20-years ago.
New dwellings, automotive fuel and tertiary education were the most significant contributors to the March quarter rise in CPI.
Pandemic-related supply chain disruptions, raw materials shortages and labour constraints have caused the price of new dwellings to soar by 6.7% from the March 2021 quarter, its largest rate increase since September 2000. The largest inflation rise per capital city was recorded in Perth as new dwelling construction costs soared 15.8%, while Brisbane came in second with a 6% rise.
Automotive fuel prices rose by 11% during the quarter; the strongest annual rise in over 30-years. Consumers were slugged at the fuel pump as the war in Ukraine and ongoing lockdowns in China fueled supply uncertainty.
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