Australia has this week recorded its largest quarterly and annual inflation increase since 2000. The ABS has released data stating the consumer price index has risen 5.1 percent on a yearly basis and 2.1 percent in the first quarter of 2022.
Life Keeps Giving Lemons
Australia’s new inflation rate exceeds the 5 percent mark registered in 2008, which accompanied the global financial crisis. It’s also the highest quarterly and annual rate since the 6.1 percent rate that marked the introduction of the goods and services tax (GST) in 2000.
The latest rise has been larger than originally anticipated, leaving many wondering whether the Reserve Bank of Australia (RBA) will have no choice but to increase official interest rates as a counter:
Inflation Rates Rise Globally
Naturally, inflation isn’t exclusive to Australia and can be cryptocurrency-related. In July 2021, Aussie inflation rose by 3.8 percent, aided by Bitcoin’s return from its low point. At the time it was believed that the increase would be temporary, resulting from several one-offs.
And in the US, inflation hit a 40-year high last month, rising to 7.9 percent. Almost all costs of living are up, including gas, fuel, housing and food prices, as Russia’s conflict with Ukraine intensifies.
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