Inflation soars to three-decade high as power and grocery costs bite

Inflation spikes to 7.8 per cent 10 News First – Disclaimer

Australia’s annual inflation rate has risen to a three-decade high over the December quarter as soaring power and grocery bills squeezed families.

Australian Bureau of Statistics figures published on Wednesday revealed the annual consumer price index was up 7.8 per cent heading into 2023, increasing by 1.9 per cent in quarterly terms.