Spending on petrol jumped 9.5 per cent last month as households grapple with a surge in fuel prices that is expected to add to Australia’s inflation problem.
Spending on petrol jumped by 9.5 per cent last month as households grapple with a surge in fuel prices that is adding to Australia’s inflation problem.
“As a result, fuel could add around 0.5 percentage point more to annual inflation over 2023 than the RBA assumed in their August forecasts,” Mr Nugent said. Apart from the increase in petrol spending, CBA economist Stephen Halmarick said overall consumption was declining in inflation-adjusted terms as households grappled with cost of living pressures.
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