Australia’s inflation spirals ...News

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Australia’s inflation spirals
Food and fuel prices in the country have soared, official data shows Consumer prices in Australia jumped 7.3% annually, marking the highest since 1990 and almost three times the pace of wage growth, data by the bureau of statistics (ABS) showed on Wednesday. The prices rose 1.8% in the last quarter, topping market forecasts of 1.6%, driven by skyrocketing food and energy costs. According to the report, gas and other household fuel costs soared almost 11% for the quarter. Food prices in the country were already climbing at an annual pace of 9.0%, with the third quarter seeing a surge of 3.2%. Annual inflation for e

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