Australia’s annual inflation rate soared to 7.3 percent in the September quarter, which is the highest level since 1990 and has the potential consequence of prolonging the interest rate hiking cycle.
During the quarter, inflation grew by 1.8 percent, on par with the growth from the previous three months.
At the same time, underlying inflation, which measures the inflationary pressures in the economy that are mainly caused by market forces, reached 6.1 percent in the 12 months to September.
According to the Australian Bureau of Statistics (ABS), construction costs were one of the three main drivers of the consumer price index (CPI) in September.
“Labour shortages in the house construction industry, leading to rises in labour costs, contributed to the rise in new dwellings this quarter,” the ABS’s Program Manager of Prices Michelle Marquardt said….
Source: The Epoch Times