How much are Aussies paying for stuff?
Annual CPI inflation increased to 5.1 per cent in the March quarter, due to higher dwelling construction costs and automotive fuel prices.
Trimmed mean annual inflation, which excludes large price rises and falls, increased to 3.7 per cent, the highest since March 2009.
New dwelling prices have recorded their largest rise since September 2000, following the introduction of the GST.
Price rises were driven by high levels of building construction activity combined with ongoing shortages of materials and labour.
A reduction in the number of government construction grants given also added to the rise in CPI as such grants reduce out of pocket expenses for new dwelling purchases.
CPI rising 5.1% for the March quarter came in well above market expectations of a 4.6% increase, which leads economists to now forecast that a blowout inflation rate could lead the RBA to raise interest rates much higher and faster than previously expected.
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