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Australian inflation climbs during the September quarter

Australian inflation climbs during the September quarter 2

BREAKING NEWS: Australian inflation surges after warning from Twitter billionaire as petrol prices hit record highs and rents leap

  •  Australia’s inflation rate surged by 3 per cent during the September quarter


Record-high petrol prices and leaping rents are causing an Australian inflation surge with new proof of living cost pressures revealed after Twitter billionaire Jack Dorsey issued a ‘hyperinflation warning’.

Australia’s headline inflation rate grew by 3 per cent in the September quarter with the consumer price index at the top end of the Reserve Bank’s 2 to 3 per cent target band.

Surging petrol prices were the biggest contributor with fuel prices up 7.1 per cent in the quarter.

The figures were taken before unleaded prices this month surged to new record highs.  

Record-high petrol prices and leaping rents are pushing up Australian inflation with new evidence revealed after Twitter billionaire Jack Dorsey issued a 'hyperinflation warning'.

Record-high petrol prices and leaping rents are pushing up Australian inflation with new evidence revealed after Twitter billionaire Jack Dorsey issued a ‘hyperinflation warning’.

The official data showed unleaded prices at 153.5 cents a litre during the September quarter but as of this week, bowser prices in Sydney and Melbourne had soared to more than 172 cents a litre. 

The Australian Bureau of Statistics has revealed the extent of the price rises hours after real estate data group CoreLogic revealed national rents in September soared by 8.9 per cent, the fastest annual growth since July 2008.

In regional areas, rents surged at an annual pace of 12.5 per cent, the fastest annual pace in records going back to 2005.

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