Angus Taylor says Australia's core inflation is higher than all the countries in the G7. Is that correct?
1 year, 9 months ago

Angus Taylor says Australia's core inflation is higher than all the countries in the G7. Is that correct?

ABC  

The claim Ahead of the May budget, Shadow Treasurer Angus Taylor argued for spending restraint from the government in the face of the rising cost of living. "Core inflation excludes from the calculation food and energy prices," said Alberto Posso, a professor of economics in RMIT University's School of Economics, Finance and Marketing. At 6.6 per cent, Australia's annual core inflation for the March, 2023 quarter is higher than all G7 economies, even if headline inflation for some of these countries is above that of Australia. Despite the fact that core inflation, by definition, excludes energy prices, Professor Carmagnani told Fact Check that current high energy prices may nevertheless be playing a role in Australia's figure. "The fact that Australia has higher core inflation than the G7 average might mean that in Australia the impact of the supply-side shock on energy is less acute than in G7," he said.

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History of this topic

PETER VAN ONSELEN: Which of these statements about the Australian economy is true? 1) Australia has won the war on inflation 2) Interest rates are too high 3) The country is run by a bunch of muppets
5 months, 3 weeks ago

PETER VAN ONSELEN: Which of these statements about the Australian economy is true? 1) Australia has won the war on inflation 2) Interest rates are too high 3) The country is run by a bunch of muppets

Daily Mail  

I used to enjoy a good muppet show as a kid, but the muppet show we'll see tomorrow when the latest inflation data gets revealed will be far less edifying. RBA Governor Michele Bullock will see through tomorrow's headline inflation figure And that underlying figure will be higher than the top end of the Reserve Bank's target range. The underlying …

Inflation is falling in Australia and New Zealand — but how do we stack up against the rest of the world?
1 year, 8 months ago

Inflation is falling in Australia and New Zealand — but how do we stack up against the rest of the world?

ABC  

For more than 12 months, Australians have been hit with interest rate rise after interest rate rise in pursuit of a golden ideal — bringing inflation down. United States of America Current inflation rate: 3 per cent Inflation rate July 2022: 8.5 per cent Despite overall CPI falling, the price of groceries in the US remains high. United Kingdom Current …

Which prices are going to jump to push inflation above 7 per cent?
2 years, 7 months ago

Which prices are going to jump to push inflation above 7 per cent?

ABC  

Australia has just seen its highest inflation level since the introduction of the GST pushed up many prices by 10 per cent overnight. ANZ senior economist Catherine Birch says electricity and gas together are likely to contribute 0.6 of a percentage point to the bank's forecast of 7 per cent annual inflation by year's end. Westpac tips a 1.1 per …

Which countries are being hit hardest by inflation and how does Australia compare?
2 years, 8 months ago

Which countries are being hit hardest by inflation and how does Australia compare?

ABC  

Australians are feeling the pinch from inflation, but in some parts of the world the rate is almost 11 times higher, causing a massive jump in the price of goods. Key points: Experts tell the ABC developing countries are likely to be hit harder by inflation One expert says countries with careful central banks have so far managed rising inflation …

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