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The Guardian - AU
The Guardian - AU
Business
Greg Jericho

Rising profit margins turbocharged Australia’s latest inflation figures – but something worse is just around the corner

Cars queue at a petrol station in twlight
Throughout February, petrol prices across Australia fell 3.4% – a 30% increase or more due to the Iran war will have a huge impact on March’s overall figure. Photograph: Nathan Falvo

It is rare for economic data to be out of date the moment it is published – and yet that is the case with the February inflation figures out on Wednesday at 11.30am. By 11.31am they had been digested and ignored amid a flurry of “before the full impact of the Iran war” comments.

In February, annual inflation was 3.7%, down slightly from 3.8% in January, with underlying inflation unchanged at 3.3%.

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