Economic Buzz: Australia Price Inflation Surge To 6.1%

27 Jul 2022 , 11:56 AM

Australia consumer price inflation reached its highest level since 2001 on high dwelling and auto fuel prices, the latest data from the Australian Bureau of Statistics showed. Consumer price inflation accelerated to 6.1 percent in the second quarter from 5.1 percent in the first quarter. The most significant contributor to the high inflation was new dwelling costs, which was up 20.3 percent. At the same time, automotive fuel prices surged 32.1 percent. Fuel prices increased following an oil price shock caused by the Russian invasion of Ukraine last quarter, coupled with ongoing easing of COVID-19 restrictions strengthening global demand. On a quarterly basis, consumer prices gained 1.8 percent, following a 2.1 percent rise in the previous quarter. Powered by Commodity Insights