Inflation on the run
4/29/202624 min
Inflation is rising at its fastest pace since September 2023 - driven in part by the global fuel shock - and it is now putting fresh pressure on the Reserve Bank ahead of next week’s rates decision.Australia’s annual headline CPI rose to 4.6 per cent in March, up from 3.7 per cent in February, driven by a surge in the cost of energy as the oil supply shock bites.So what do the latest CPI numbers say about the state of the Australian economy? And how much of the full energy shock is still to come?
Carrington Clarke and ABC Business Reporter Steph Chalmers break it all down on ABC Business Daily.
Got a burning business question?
Send a short voice recording to Carrington and the team at abcbusinessdaily@abc.net.au
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First 90 secondsSteph Chalmers· Guest0:00
[upbeat music] ABC Listen. Podcasts, radio, news, music, and more When big news breaks around the world, we've got the time to get into what's happened I've seen lots of robust argument, but nothing like that The Kremlin propagandists are very happy And we can find out what it means for us in Australia Well, I think we're like a kangaroo caught in the headlights Three and a half hours of Radio National Breakfast condensed into a pop to the shops, maybe a tea break, or a walk of the dog.
Carrington Clarke· Host0:28
You can find the new Breakfast Wrap podcast by searching for Radio National Breakfast in the ABC Listen app. Well, it's official, inflation is running at the quickest clip since September 2023, fueled in part by a lack of fuel globally. So what does the data tell us about the state of the Australian economy, and what does it mean for the Reserve Bank, which will decide next week whether it needs to hike interest rates even higher? Welcome to ABC Business Daily [upbeat music] I'm Carrington Clark And I'm ABC Business reporter Steph Chalmers Uh, Steph, happy Inflation Day Happy Inflation Day It's always interesting [chuckles] to see how this plays out in real time for journalists. Everyone is desperately refreshing the page. The Australian Bureau of Statistics, which puts this data out at 11:30 Australian Eastern Standard Time, there's always been a lot of attention on inflation data, but it has become the most important data release that we see every month now because of the new way the ABS is doing it, because it is so crucial for interest rates.