Australia inflation shock as CPI spikes in grim cost of living signal for millions of Australian homeowners
- Inflation rose by 5.2 per cent in August
- First monthly CPI increase since late 2022
Australia’s inflation rate has risen to 5.2 per cent in an ominous sign the cost of living crisis is far from over.
The official monthly reading for August showed the consumer price index edging up from July’s 4.9 per cent level.
This also marked the first monthly increase in the annual headline inflation since December 2022 when the CPI peaked at a 32-year high of 8.4 per cent.
This is bad news for home borrowers hoping for an interest rate cut soon following 12 Reserve Bank increases since May 2022.
Petrol prices are going up again, with automotive fuel posting the biggest increase of 13.9 per cent in August, marking a huge turnaround from July’s 7.6 per cent fall.
Australia’s inflation rate has risen by 5.2 per cent in an ominous sign the cost of living crisis is far from over (pictured is a shopper at Paddy’s Market in Sydney)