In a statement on the subject, Michelle Marquardt, Head of Price Statistics at the Australian Statistical Institute (ABS), stated that the recorded 5.1 inflation figure is the highest inflation figure since the Goods and Services Tax (GST) implementation in the country. Marquardt reminded that the inflation reached 6.1 percent in 2001 with the introduction of GST in the country in 2000.
Stating that the CPI was recorded as 2.1 percent on a quarterly basis in March 2022, and that the rise in housing prices, fuel and education costs was effective in this high level, Marquardt said, “Continuing construction materials and labor shortages, increasing freight costs and the continued trend towards the sector. Strong demand contributed to the price increases for newly built homes. used the phrases.
Meanwhile, with the emergence of an inflation figure well above the 3.7 annual expectation of the Reserve Bank of Australia (RBA), it has been started to talk about a rise in interest rates in the country in the coming weeks.
Sean Langcake from IS Oxford Economics said that the interest rate hike will be on the table at the RBA’s board meeting, which will be held at the beginning of May, due to the increasing inflationary pressures in China.
Expressing that there will be an increase in interest rates in the face of the increase in inflation, which is considered as a surprise, the statement made by the Economic Board of the ANZ Minister, “We expect the RBA to increase by 15 basis points next week.” expressions were used.
The RBA had cut interest rates from 0.25 percent in October 2020 by 0.15 percentage points to 0.10 percent.
Source: AA
