Australians may have to wait for interest rates to be cut and inflation to rise again, putting it further above the Reserve Bank’s target as oil prices soar.
In March, the consumer price index rose to 3.5 percent, up from 3.4 percent in February.
This meant headline inflation was even further above the RBA’s target of 2 to 3 per cent.
Gasoline increases rose 8.1 percent over the year as Israel’s war with Hamas and now Iran drove up crude oil prices, leading to premium unleaded fuels selling off. at more than $2.20 a liter throughout Sydney.
Australians may have to wait for interest rates to be cut and inflation to rise again, putting it further above the Reserve Bank’s target as petrol prices soar (pictured, a buyer in Sydney’s eastern suburbs)
Gasoline increases rose 8.1 percent over the year as Israel’s war with Hamas and now Iran drove up crude oil prices, leading to premium unleaded fuels selling off. at over $2.20 a liter across Sydney (pictured).
Food is also more expensive: Bread and cereal prices increased by 7.3 percent, while financial and insurance costs increased by 8.2 percent.
The quarterly inflation measurement, however, showed some moderation: the CPI rose 3.6 percent, compared to 4.1 percent in December.
Food is also more expensive: Bread and cereal prices are up 7.3 percent, while finance and insurance costs are up 8.2 percent (pictured is TikTok footage of a Woolworths bakery ).