Interest rates are almost certain to rise again in February, after the latest Consumer Price Index figures showing inflation hit 7.8% in 2022 – its highest rate in 33 years.
The data from the Australian Bureau of Statistics shows a 1.9% increase in the CPI in the December quarter. Combined with the strong increases in the first nine months of the year, inflation in 2022 was at the highest rate since March 1990.
This reflects a post-pandemic spend-a-thon. Domestic holiday travel and accommodation rose 13.3% over 2022, while international holiday travel and accommodation rose 7.6%. Rents increased by 4%. Power bills increased by 8.6%.
