Australia's consumer price index reached the highest since 1990 for the quarter of December, 2022.
Inflation in Australia rose to a new 32-year high of 7.8% in the final quarter of the fiscal year of 2022, rising at its steepest pace since March 1990.
The annualized figure of a rise in consumer prices backed by higher prices in food, automotive fuel, and new residential construction, according to the Australian Bureau of Statistics.
Prices rose the most for costs related to domestic and international travel, which rose by 13.3% and 7.6%, respectively.
Economists polled by Reuters had forecast the quarter's consumer price index to rise 7.5%, lower than the Reserve Bank of Australia's forecast of 8%. Prices of goods rose 9.5%, a slightly less dramatic print than the 9.6% from the previous quarter — the cost of services rose 5.5%, the highest since 2008.