Australia’s cost of living crisis deepens as inflation hits new 32-year high

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Australia’s cost of living crisis is deepening with inflation hitting a new 32-year high – making another interest rate hike within weeks all but a certainty

  • Australian inflation hits a new 32-year high of 7.8%
  • Highest consumer price index since March 1990 quarter

Australia’s cost of living crisis has deepened, with inflation hitting a new 32-year high of 7.8%.

The consumer price index for the year to December rose at the fastest annual rate since the March quarter of 1990.

That means another interest rate hike on Feb. 7 is almost a certainty with inflation well above the Reserve Bank’s 2-3% target.

Australia’s cost of living crisis has deepened, with inflation hitting a new 32-year high (pictured is a shopper at Woolworths in Sydney’s eastern suburbs)

The Australian Bureau of Statistics has revealed headline inflation reaching levels not seen since 1990.