Inflation rate climbs to highest level in three decades

The annual rate of inflation has risen to 7.8 per cent, the highest yearly increase since 1990.

Newly-released data from the Australian Bureau of Statistics shows the Consumer Price Index rose to 1.9 per cent in the December 2022 quarter.

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The most significant price rises were domestic holiday travel and accommodation, up 13.3 per cent and electricity, which saw an 8.6 per cent rise.

Today’s figure means the RBA is likely to lift interest rates again when it meets in two weeks’ time.

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