Australian inflation reaches 32-year high

The Australian Bureau of Statistics (ABS) reported that annual inflation reached a 32-year high in the third quarter of 2022, above expectations.

According to the ABS, the consumer price index (CPI), rose by 7.3% in the third quarter, while the average forecast was 7%. This is the highest level since the third quarter of 1990.

Core inflation reached 6.1% in the third quarter of 2022, the highest level since 2003.

The Reserve Bank of Australia expects inflation to peak at nearly 8% in the current quarter and has signaled further interest rate hikes.

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