Australia Inflation Hits 33-Year High

Australian inflation hit a 33-year high in the fourth quarter of 2022 as the cost of travel and electricity jumped.

Data from the Australian Bureau of Statistics on Wednesday showed the consumer price index (CPI) surged 1.9% in the December quarter, outpacing market forecasts of 1.6%.

The annual rate climbed to 7.8%, from 7.3%, the highest since 1990 and more than twice the pace of wages growth. For December alone, the CPI rose a startling 8.4% compared to the same month a year ago, up from 7.3% in November.