Australia's Inflation Reaches Two-Decade High in March 2022

Economics & Macro

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Viva Budy Kusnandar 29/04/2022 10:10 WIB

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Australia's inflation rate is the highest it's been in two decades.

Australian Quarterly Inflation (2001-2022)

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Australia's Inflation Reaches Two-Decade High in March 2022

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Australian Quarterly Inflation (2001-2022)

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After the United States (US) experienced high inflation due to rising energy and food commodity prices, Australia is now battling inflation.

The Australian Bureau of Statistics (ABS) reported that the consumer price index (CPI) rose to 123.9 Australian dollars in the first quarter of 2022. Thus, Australia experienced 5.1% inflation compared to the first quarter of 2021. This inflation rate is the highest in the last two decades.

Meanwhile, Australian inflation in the first quarter of this year was 2.1% compared to the fourth quarter of 2021.

The Australian inflation rate was driven by high house construction prices and rising fuel prices. Transportation recorded the highest inflation rate, at 13.7% in the first quarter of 2022 compared to the first quarter of the previous year. This was followed by housing at 6.75%, household goods at 4.9%, education at 4.7%, and food and non-alcoholic beverages at 4.3%.

Furthermore, the high inflation has led to speculation that the Reserve Bank of Australia (RBA) will soon raise its benchmark interest rate.

This is similar to what other central banks around the world, such as the US Federal Reserve and the Reserve Bank of New Zealand, have already done to curb inflation.

Here is the annual inflation in Australia by category (Q1 2022 vs. Q1 2021):

Overall Inflation 5.1%:

* Food and non-alcoholic beverages 4.3%
* Alcoholic beverages and tobacco 1.8%
* Clothing and footwear -1.5%
* Housing 6.7%
* Household goods 4.9%
* Health 3.5%
* Transportation 13.7%
* Communication -0.8%
* Recreation and culture 3%
* Education 4.7%
* Insurance and financial services 2.7%

Editor : Annissa Mutia

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."