Australia's annual inflation at 32-year high in Q4 2022

By Gokhan Ergocun

ISTANBUL (AA) – Australia’s annual inflation rate was at 7.8% in the last quarter of 2022, the highest since 1990, official figures showed on Wednesday.

“The past four quarters have seen strong quarterly rises off the back of higher prices for food, automotive fuel and new dwelling construction,” the Australian Bureau of Statistics said.

Fuel prices in Australia increased 13.2% on an annual basis the last quarter of 2022.

In the October-December period, higher prices were recorded in food and non-food grocery products, reflecting elevated input costs for producers and high Christmas demand.

Across the country, rent prices were up 3.7% year-on-year, the data showed.