MOSCOW (Pakistan Point News / Sputnik - 26th October, 2022) Annual inflation in Australia reached 7.3% in September, which is record high since 1990, with the Consumer price Index (CPI) accounting for 1.8% in the third quarter of 2022 alone, according to the data from the Australian Bureau of Statistics (ABS) released on Wednesday.
"This quarter's increase matches that of last quarter and is lower than the 2.1 per cent result in March quarter this year. All three results ... underlie the highest annual increase in the CPI since 1990," Program Manager of Prices at the ABS Michelle Marquardt said in a statement.
According to the ABS, housing, gas, furniture as well as food products are major contributors to the rise in prices in the third quarter, with gas prices increasing by as much as 11% in July-September.
�Over the past 9 months of 2022, the highest growth of the CPI was recorded among prices for new dwellings and automotive fuel, as they went up by 20.7% and 18%, respectively, the bureau noted.
Since the beginning of the year, many countries, including Australia, have been facing accelerating inflation, caused in part by Western sanctions against Russia over its military operation in Ukraine.
