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Australian inflation hits a post-1990 peak

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Australia’s consumer price index has reached its highest level since 1990 in the December 2022 quarter.

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Inflation in Australia reached a 32-year high of 7.8% in the final quarter of 2022, the fastest pace since March 1990.

Annual figures for consumer price growth, supported by higher prices for food, motor fuel, and new housing construction. Australian Bureau of Statistics.

The highest inflation rates were those related to domestic and international travel, which increased by 13.3% and 7.6% respectively.

Economists polled by Reuters expect the CPI to rise 7.5% in the quarter, below the Reserve Bank of Australia’s forecast of 8%. Prices for goods he rose 9.5%, slightly less dramatic than he 9.6% in the previous quarter, but costs for services he rose 5.5%, the highest since 2008.

Excluding sharp rises and falls in prices, the “Trim average annual inflation rate” rose to 6.9%, the highest since the government began releasing that information in 2003.

The Australian-listed bank’s shares erased previous gains after the report’s release. Commonwealth Bank of Australia, Westpac Bank GroupWhen National Australia Bank Trading below the flat line – Hopes are fading that the central bank will pause rate hikes to keep inflation in check.

of Australian dollar It rose 0.51% and last traded at 0.7082 against the US dollar.

Business conditions worsened in December, down 12 points from November’s 20 points, according to the National Australia Bank’s monthly business survey on Tuesday. A level above zero indicates a favorable condition and a number below zero represents a negative condition.

the survey reflects Deterioration of trading conditionsprofitability and employment, NAB said.

NAB Chief Economist Alan Oster said: “The main message of the December monthly survey is that growth momentum has slowed significantly in the second half of 2022, with price and purchase cost pressures likely to peak. It is.”

Meanwhile, the business sentiment index rose 3 points to -1 in December, improving from -4 points in November.

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