Categories: Economy

Inflation in Australia and New Zealand at 33-year highs

Inflation in Australia rose to a 33-year high in December, beating expectations, according to data released today.

According to the data, the Consumer Price Index (CPI) rose 7.8 percent on-year in the latest quarter to its highest level since 1990. Inflation rose 1.9 percent on a quarterly basis in the latest quarter.

Following the rise in inflation, expectations have also strengthened that the Reserve Bank of Australia will continue to raise interest rates.

The Australian dollar also rose to a five-month high after data showed inflation beat expectations and shot up to a 33-year high. The Australian stock market also fell.

NEW ZEALAND

In New Zealand, consumer inflation was 7.2 percent year-on-year in the three months to December. Inflation remained unchanged from the previous quarter. The index rose to its highest level since June 1990.

The New Zealand dollar fell as inflation rose less than expected.

Source: Sozcu

Andrew

Andrew Dwight is an author and economy journalist who writes for 24 News Globe. He has a deep understanding of financial markets and a passion for analyzing economic trends and news. With a talent for breaking down complex economic concepts into easily understandable terms, Andrew has become a respected voice in the field of economics journalism.