Australian inflation hits a post-1990 peak

Key Points

• Inflation in Australia rose to a new 32-year high of 7.8% in the final quarter of the fiscal year of 2022.
• The "trimmed mean annual inflation," excluding large movements of increases and declines, hit its highest since the government has started publishing the print in 2003.

Australia's consumer price index reached the highest since 1990 for the quarter of December, 2022.

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Inflation in Australia rose to a new 32-year high of 7.8% in the final quarter of the fiscal year of 2022, rising at its steepest pace since March 1990.

The annualized figure of a rise in consumer prices backed by higher prices in food, automotive fuel, and new residential construction, according to the Australian Bureau of Statistics.