CANBERRA: Australia's inflation rate has reached its highest level in more than 20 years, with consumers paying more for everything.
According to ABS data issued on Wednesday, the Consumer Price Index increased by 1.8 percent in the June quarter and by 6.1 percent over the previous year.
It is the highest figure since 2001 and the second-highest quarterly hike since the Goods and Services Tax (GST) was introduced in 2000, as per reports.
In the year to June, Automotive fuel prices rose by 32.1 percent in the 12 months to June and the price of new houses by 20.3 percent.
"Shortages of building supplies and labour, high freight prices, and ongoing high levels of construction activity all contributed to price increases for newly built residences," said Michelle Marquardt, ABS's head of Prices Statistics.
"For the fourth consecutive quarter, the CPI's automobile fuel prices series set a new high. Fuel prices surged sharply in May and June, following a drop in April due to a reduction in fuel excise." Due to severe flooding over much of the east coast earlier this year, the price of vegetables increased by 7.3 percent in the June quarter alone, while the price of fruit increased by 3.7 percent. According to the ABS, supply chain delays caused by flooding, labour shortages, and rising freight costs all contributed to higher prices.
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