Wed 27 April 2022:
Australia has recorded its highest annual inflation rate in more than 20 years on the back of rising fuel prices.
According to data published by the Australian Bureau of Statistics (ABS) on Wednesday, the consumer price index (CPI), which measures the cost of living, rose 2.1 percent in the March quarter and 5.1 percent for the 12 months to March 2022.
It marks the biggest annual CPI reading since 2001 when a 10-percent goods and services tax (GST) was introduced.
The ABS said the growing cost of living was driven by a 5.7-percent increase in the cost of building a new house and an 11-percent rise in fuel prices.
The cost of food increased by 2.8 percent in the March quarter led by beef and vegetables, the cost of which increased by 7.6 and 6.6 percent, respectively.
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