BREAKING: Australia's inflation has risen to 7.8 per cent - the highest yearly increase since 1990. 9News ?ocid=Social-9NewsS
the federal treasury had modelled for inflation to peak "around about this time or in the first quarter of this year"."The whole world has been impacted by the Russian invasion of Ukraine, and we are not immune to it.""I think our economy still has very strong fundamentals," he said.Inflation measures the prices of the goods and services that households buy.
The CPI measures quarterly changes in the price of a "basket" of goods and services which account for a high proportion of expenditure by metropolitan households.of goods and services in 11 categories: food and non-alcoholic beverages, alcohol and tobacco, clothing and footwear, housing, furnishings, household equipment and services, health, transport, communication, recreation and culture, education, insurance and financial services.
The "basket" fundamentally attempts to replicate the real-world spending of the average Australian household.With every inflationary rise, your buying power goes down, because you're paying more for the items you habitually purchase. Some Australians may receive pay rises - which maintains their buying power - but many are left affording the same times with the same money available to them before rising inflation.
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