[The Epoch Times, January 25, 2023](Reported by Epoch Times reporter Tianrui Australia, Sydney) Australia last yearinflationThe rate rose further to 7.8%, the highest since 1990 and higher than government expectations.it means next monthhikepossibility is further increased.
The latest figures from the Bureau of Statistics show that in the fourth quarter of last year, Australia’sinflationThe rate was 1.9%, and the seasonally adjusted annual inflation rate was as high as 7.8%, which was higher than the Ministry of Finance’s previous expectation of 7.75%. The Treasury expects inflation to peak in the fourth quarter of last year.
Michelle Marquardt, head of price statistics at the Bureau of Statistics, said: “People’s travel demand has increased, especially during the Christmas holiday period, which leads to domestic holidays.travel expensesincrease as well as rising international airfares. “
“Domestic and internationaltravel expensesThe increase was significantly higher than in the fourth quarter of previous years. “
Inflation was worst in the holiday travel and accommodation sector, up 13%, with international travel spending up 7.6%; electricity prices also jumped 8.6%.
New home price growth (1.7%) has slowed relative to recent quarters, but remains above historical levels.
“Labor and construction material costs are driving price growth in this segment, and there are signs of easing pressure on construction material costs,” Maquard said.
“The quarterly rate of inflation for new dwellings was lower this quarter compared with the past five quarters, reflecting slower demand for new dwelling construction.”
The latest report released by Domain Real Estate Network shows that last year, Sydney house prices recorded the largest annual decline in history, as high as 10.9%, and the median house price fell by more than 170,000 Australian dollars.
Rising inflation appears to be causing people to cut back on spending. NAB figures showed consumer spending fell 0.3 per cent in December, led by a 0.9 per cent fall in retail spending.
In December, the Reserve Bank of Australia raised the official cash rate to a decade high of 3.1 per cent. Given the further rise in inflation,hikeThe possibility is also increasing. ◇
Editor in charge: Zong Minqing
