CPI inflation reaches highest peak since 1990
Consumer price index (CPI) inflation rose by 7.8% in the 12 months to December 2022, according to the Australian Bureau of Statistics (ABS).
Data showed CPI rose 7.8% over 12 months and 1.9% during the December quarter.
ABS said this was the highest annual CPI movement since 1990.
This compared to 7.3% in the September quarter.
“The past four quarters have seen strong quarterly rises off the back of higher prices for food, automotive fuel and new dwelling construction. Trimmed mean annual inflation, which excludes large price rises and falls, increased to 6.9%, the highest since the ABS first published the series in 2003.”
This followed data earlier this month which showed monthly CPI inflation rose to 7.3% in December.
AUTHOR
Laura Dew
Recommended for you
Despite the year almost at an end, advisers have been considerably active in licensee switching this week while the profession has reported a slight uptick in numbers.
AMP has agreed in principle to settle an advice and insurance class action that commenced in 2020 related to historic commission payment activity.
BT has kicked off its second annual Career Pathways Program in partnership with Striver, almost doubling its intake from the inaugural program last year.
Kaplan has launched a six-week intensive program to start in January, targeting advisers who are unlikely to meet the education deadline but intend to return to the profession once they do.
Somehow I don't see my 2.5% pay rise keeping up with that!