Why headline inflation numbers are masking the confronting financial reality facing many households
4 months, 2 weeks ago

Why headline inflation numbers are masking the confronting financial reality facing many households

ABC  

There won't be protest marches in the streets when the Reserve Bank of Australia makes its next decision on interest rates. In the lead-up to Wednesday's inflation reading for the June quarter, there was speculation that if it came in hot, above 4 per cent, a rate rise would be on the cards. In the end, the "headline" annual rate of inflation was at 3.8 per cent, up from 3.6 per cent at the last time we looked, though still lower than what some economists had feared. Annual inflation rises to 3.8 per cent, up from 3.6 per cent Photo shows Finances generic Australia's annual rate of inflation lifted to 3.8 per cent in the June quarter, up from 3.6 per cent. Headline inflation increased from 3.6 per cent in the March quarter to 3.8 per cent in the June quarter.

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History of this topic

What does rising inflation mean for you - and has it killed off a Bank of England interest rate cut?
5 days, 18 hours ago

What does rising inflation mean for you - and has it killed off a Bank of England interest rate cut?

Daily Mail  

Inflation in the UK climbed to 2.6 per cent in November, it was revealed today, as the rise in the cost of living accelerated again. James Smith, developed markets economist, UK, at ING, said: 'Our base case is for back-to-back to rate cuts from February onwards, with Bank Rate falling to 3.25 per cent later in the year. While services …

Inflation rises AGAIN to its highest level since March: Price rises hit 2.6 per cent driven by spikes in the cost of petrol and fags to increase pressure on Chancellor Rachel Reeves
Trending News
5 days, 20 hours ago

Inflation rises AGAIN to its highest level since March: Price rises hit 2.6 per cent driven by spikes in the cost of petrol and fags to increase pressure on Chancellor Rachel Reeves

Daily Mail  

Inflation rose for the second month in a row in November, hitting 2.6 per cent to further increase pressure on Labour Chancellor Rachel Reeves over her Budget's impact on the country. Spikes in petrol and tobacco prices drove CPI to 2.6 per cent, up from 2.3 per cent in October, the Office for National Statistics said. Ms Reeves said: 'I …

Inflation heated up last month as consumer prices rose 2.7%, underscoring the slog ahead
1 week, 6 days ago

Inflation heated up last month as consumer prices rose 2.7%, underscoring the slog ahead

CNN  

CNN — Inflation heated back up again in November, but it likely wasn’t bad enough to keep the Federal Reserve from cutting rates next week. “We have some PTSD around egg prices from the pandemic and certainly lingering avian flu outbreaks; but those prices being up almost 40% year over year certainly is another thing people will look at in …

UK inflation hits six-month high of 2.3% on high energy bills; BoE stresses on gradual rate cuts
1 month ago

UK inflation hits six-month high of 2.3% on high energy bills; BoE stresses on gradual rate cuts

Live Mint  

British inflation jumped by more than expected last month to rise back above the Bank of England's 2% target and underlying price growth gathered speed too, showing why the BoE is moving cautiously on interest rate cuts. Consumer prices rose by an annual 2.3% in October, pushed up almost entirely by an increase in regulated domestic energy tariffs, after a …

What rising inflation means for you: HUGO DUNCAN on why it dashes hopes of a Christmas Bank of England rate cut
1 month ago

What rising inflation means for you: HUGO DUNCAN on why it dashes hopes of a Christmas Bank of England rate cut

Daily Mail  

There will be no early Christmas present from the Bank of England. The jump in inflation announced today – from 1.7 per cent in September to 2.3 per cent in October – has dashed any lingering hopes of another interest rate cut this year. Inflation spiked to 2.3 per cent in October as fears grow over the impact of the …

Column: American economists and consumers got inflation wrong during its recent surge. They still do
2 months, 3 weeks ago

Column: American economists and consumers got inflation wrong during its recent surge. They still do

LA Times  

Sen. JD Vance tried to blame the $4 price of a dozen eggs on Kamala Harris in this campaign video. The “strong policy response” Powell referred to was the Fed’s raising of short-term interest rates 11 times, a total of 5.25 percentage points, from March 2022 through July 2023. In November 2021, however, Powell told Congress that it was “probably …

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
3 months 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 …

These numbers are the clues to the Reserve Bank's puzzle: when will interest rates go down?
3 months ago

These numbers are the clues to the Reserve Bank's puzzle: when will interest rates go down?

ABC  

Perhaps no question matters more to Australians worn down by three years of relentless cost pressures: when will the Reserve Bank cut interest rates? But not too much – which is why when inflation shoots high, the Reserve Bank raises interest rates to suppress demand by making it more expensive to borrow and spend. But the Reserve Bank prefers a …

Why the Reserve Bank will be forced to cut rates before year's end
3 months, 2 weeks ago

Why the Reserve Bank will be forced to cut rates before year's end

ABC  

Until just a few weeks ago, it seemed as though the developed world had pulled off what once was thought to be the impossible. And yet, despite this mounting evidence of a critical economic slump, there remains a rump of high-profile economists openly criticising the Reserve Bank of Australia's reluctance to push interest rates above 5 per cent. Parliament House …

The RBA is making confusion about inflation and the cost of living even worse
3 months, 3 weeks ago

The RBA is making confusion about inflation and the cost of living even worse

ABC  

There's a paradox about the way we respond to threats to the cost of living. At the same time, when the cost of living climbs enough to push inflation beyond the Reserve Bank's target, the bank pushes up interest rates in an attempt to drive measured inflation down. Sharp interest rate increases are a problem The response of the Reserve …

Why the rise in inflation might actually be... good news
4 months, 1 week ago

Why the rise in inflation might actually be... good news

The Independent  

Inflation is up… and that’s, erm, good news. A small cut in the Bank rate from the current 5 per cent to, say, 4.75 per cent in September, October or November is slightly more likely now than it seemed yesterday. Prices overall on this definition rose by 3.3 per cent in the year to July 2024 – down from 3.5 …

PETER VAN ONSELEN: Jim Chalmers' excuses for Australia's inflation crisis spectacularly unravel - with two key stats easily blowing apart the garbage Treasurer is peddling
4 months, 3 weeks ago

PETER VAN ONSELEN: Jim Chalmers' excuses for Australia's inflation crisis spectacularly unravel - with two key stats easily blowing apart the garbage Treasurer is peddling

Daily Mail  

Treasurer Jim Chalmers wants you to believe that rising inflation isn't his fault. Under pressure: Jim Chalmers' excuses for Australia's 'sticky' inflation crisis are unravelling He wants you to focus on the fact inflation is lower now than when Labor came to power. In other words Australia's rising inflation - a quarterly adjusted figure of 3.8 per cent - is …

Why the Reserve Bank of Australia should hold off on interest rate hikes in August
4 months, 3 weeks ago

Why the Reserve Bank of Australia should hold off on interest rate hikes in August

ABC  

There's a curious thing about openness, communication and transparency. Because, despite recently showing a real reluctance to want to push interest rates even higher, she and her Reserve Bank of Australia colleagues have for the past two years made it abundantly clear that they were committed to hammering inflation into submission. Money markets right now have just a one-in-five chance …

The good news is the Australian economy is about to turn up. Here's why
5 months, 4 weeks ago

The good news is the Australian economy is about to turn up. Here's why

ABC  

Right now things feel awful. Inflation was going to be 3.9 per cent, not the present 3.6 per cent and headed down, and the Reserve Bank's cash rate was going to climb two times in the second half of 2023 from 4.1 per cent to 4.5 per cent. Back in mid-2023, when asked about the probability of a recession in …

RBA Sees Some Households Struggling, Suggesting Rate-Hike Limits
6 months, 3 weeks ago

RBA Sees Some Households Struggling, Suggesting Rate-Hike Limits

Live Mint  

-- Australia’s inflation is showing persistent strength and weighing heavily on the finances of some households, a senior Reserve Bank official said, highlighting the limits to further interest-rate increases. “The board are absolutely focused on the fact that inflation is clearly still above the target band,” RBA Assistant Governor Sarah Hunter said at a conference in Sydney on Thursday, referring …

Inflation rises slightly in April to 3.6pc but economists say that should ring 'alarm bells' for RBA
6 months, 3 weeks ago

Inflation rises slightly in April to 3.6pc but economists say that should ring 'alarm bells' for RBA

ABC  

In short: The annual rate of inflation ticked up to 3.6 per cent in April, from 3.5 per cent in March. According to the Australian Bureau of Statistics, an underlying measure of inflation — called "trimmed mean" inflation — also picked up again in April, from 4 per cent to 4.1 per cent. "It does not appear that the RBA …

Why further interest rate hikes by the Reserve Bank won't fix Australia's inflation problem
7 months, 2 weeks ago

Why further interest rate hikes by the Reserve Bank won't fix Australia's inflation problem

ABC  

If only there was a diagnosed condition called One Size Fits All syndrome. That's helped push one measure of price rises — core inflation — higher on a quarterly measure. Quick as a flash, that's sparked a renewed demand from some sections of the economics commentariat for further rate hikes to smash the evils of inflation once and for all. …

Annual inflation slows to 3.6 per cent as higher than expected price rise in March quarter rules out early rate cut hopes
8 months ago

Annual inflation slows to 3.6 per cent as higher than expected price rise in March quarter rules out early rate cut hopes

ABC  

In short: Inflation has come in higher than expected, with prices rising by 1 per cent in the March quarter significantly reducing the chance of rate cuts by the Reserve Bank this year. Inflation has come in higher than expected, with prices rising by 1 per cent in the March quarter significantly reducing the chance of rate cuts by the …

Did the Reserve Bank hit the brakes too hard? Why Australia's economy is heading into reverse
9 months, 2 weeks ago

Did the Reserve Bank hit the brakes too hard? Why Australia's economy is heading into reverse

ABC  

The softening-up process is already underway. There's now every possibility the GDP numbers could tip negative, giving the first real indication that Australia's economy is shrinking under the weight of 13 interest rate hikes in quick succession. The RBA lifted the cash rate to 4.35 per cent last November, but it hasn't fully flowed through to the whole economy. Prepare …

Inflation further cools in Australia as confidence of ‘soft landing’ grows
10 months, 3 weeks ago

Inflation further cools in Australia as confidence of ‘soft landing’ grows

Associated Press  

SYDNEY — Inflation in Australia has slowed to its lowest rate in three years, the country’s official statistics agency said Wednesday, raising hopes of a “soft landing” for the nation’s economy. While the CPI is still above the Reserve Bank of Australia’s target band of 2-3%, the bigger than expected slowdown will raise mortgage holders’ hopes that relief on interest …

What are the alternatives to using interest rates to tackle inflation? We put your questions to economist Saul Eslake
10 months, 3 weeks ago

What are the alternatives to using interest rates to tackle inflation? We put your questions to economist Saul Eslake

ABC  

Daniel Wigg doesn't drink alcohol anymore. "Although, like interest rates, it would leave older people unscathed," Mr Eslake said. Saul Eslake says lifting income tax was a common way of responding to high inflation in the 1950s and 60s, but "no government would want to do that now". Mr Eslake also said interest rates were kept "too low for too …

Reserve Bank leaves interest rates on hold in an early Christmas present for borrowers - but here's why Aussies with mortgages should be worried
1 year ago

Reserve Bank leaves interest rates on hold in an early Christmas present for borrowers - but here's why Aussies with mortgages should be worried

Daily Mail  

Australian borrowers have been warned to expect another rate hike even though the Reserve Bank has this month left interest rates on hold. The cash rate is already at a 12-year high of 4.35 per cent after the RBA last month raised rates for the 13th time in 18 months. KPMG chief economist Brendan Rynne said the Reserve Bank statement …

Michele Bullock: The one glaring word missing from Reserve Bank boss' speech as she says inflation crisis is 'homegrown' - and issues a grim warning about interest rates to Australians
1 year, 1 month ago

Michele Bullock: The one glaring word missing from Reserve Bank boss' speech as she says inflation crisis is 'homegrown' - and issues a grim warning about interest rates to Australians

Daily Mail  

Reserve Bank governor Michele Bullock has warned Australia's skyrocketing inflation is a 'homegrown' issue but failed to address concerns that increased immigration is worsening the crisis. Reserve Bank governor Michele Bullock admitted Australia's skyrocketing inflation is a 'homegrown' issue The RBA is considering ways to bring Australia's inflation, currently running at 5.4 per cent, back to its 2 to 3 …

What rising inflation means for you: CPI increases to a six-month high - what happens next?
1 year, 4 months ago

What rising inflation means for you: CPI increases to a six-month high - what happens next?

Daily Mail  

Inflation has risen higher than the national target, meaning consumers pay more Inflation rose above the Bank of England's 2 per cent target in October, reaching a six-month high. The bigger-than-expected rise in the headline inflation rate to 2.3 per cent coincided with another increase in core inflation, which has continued to run hot. Julian Jessop, economics fellow at the …

Inflation slows more than expected, chance of an August RBA interest rate rise reduced
1 year, 4 months ago

Inflation slows more than expected, chance of an August RBA interest rate rise reduced

ABC  

Consumer prices rose 0.8 per cent over the three months to June, making a 6 per cent increase over the past year. Key points: Quarterly inflation slowed from 1.4pc in March to 0.8pc in June The annual rate of headline inflation is 6pc, down from 7.8pc in December Economists and financial traders now believe an RBA interest rate rise next …

Why inflation is worse than anyone expected – and what comes next
1 year, 6 months ago

Why inflation is worse than anyone expected – and what comes next

The Telegraph  

The Bank of England’s Governor has warned about this. Big changes include airfares - up by almost one-third, though this can be affected by the timing of the Easter holidays - live events, which may have been affected by shows by big stars including Beyonce, and second hand cars, which are less exciting than pop sensations but typically more important …

Companies chasing profits amid high inflation risks an Australian recession, RBA warns
1 year, 6 months ago

Companies chasing profits amid high inflation risks an Australian recession, RBA warns

ABC  

The Reserve Bank has pointed directly to the inflation elephant in the room — that "some" companies are indeed helping to drive inflation with aggressive price increases. Today, for the first time, the Reserve Bank referenced that “some firms” were lifting their prices past levels of inflation, in effect locking those previous price rises into future pricing and making the …

Why falling inflation masks some nasty surprises
1 year, 6 months ago

Why falling inflation masks some nasty surprises

The Independent  

Well, we’re finally out of double figures. The headline Consumer Prices Index rate of inflation for April came in at 8.7 per cent against 10.1 per cent in March. It’s a steep fall, but a lot less steep than most had hoped or expected; a Reuters poll of economists predicted 8.2 per cent, while the Bank of England’s more conservative …

Inflation is dipping, but RBI may not slash rates
1 year, 7 months ago

Inflation is dipping, but RBI may not slash rates

Hindustan Times  

The latest retail inflation print showed the consumer price index slowing to 4.7% year-on-year in April, well within the Reserve Bank of India ’s target band of 2%-6%. While the near-term trajectory of inflation is downward, the medium-term path is unclear as the risk of a disruptive El Niño could put pressure on food prices towards the end of 2023. …

Extra billions flowing into budget but real wages not tipped to grow for another year
1 year, 7 months ago

Extra billions flowing into budget but real wages not tipped to grow for another year

ABC  

Workers will have to wait another year before their wages outstrip the rising cost of living, according to Treasury forecasts to be released next week. Key points: Unemployment will be 3.5 per cent this year, rising to 4.25 per cent in June 2024 Higher commodity prices will also add extra billions to the budget's bottom line The greater revenue has …

Are Australians prepared for the possibility that the Reserve Bank won't hit its inflation target?
1 year, 7 months ago

Are Australians prepared for the possibility that the Reserve Bank won't hit its inflation target?

ABC  

One crucial aspect of a "target", as an idea, is that it's something you aim for. JP Morgan is openly stating that at this point, it's unclear if the Reserve Bank will hit its inflation target of between 2 and 3 per cent. Now it's entirely possible the Reserve Bank, whether or not it chooses to raise interest rates again, …

Inflation falls from peak, but still more than twice the top of the Reserve Bank's target for interest rates
1 year, 7 months ago

Inflation falls from peak, but still more than twice the top of the Reserve Bank's target for interest rates

ABC  

Australia's inflation rate has fallen from its December peak, with annual price increases of 7 per cent for the year to March, down from 7.8 per cent. Key points: The March quarter's inflation figure of 1.4 per cent was marginally above economists' forecasts, but the lowest rise since December 2021 Health services, tertiary education and household gas prices were the …

Australia pauses key interest rate at 3.6% after 10 hikes
1 year, 8 months ago

Australia pauses key interest rate at 3.6% after 10 hikes

Associated Press  

CANBERRA, Australia — Australia’s central bank left its benchmark interest rate on hold at 3.6% on Tuesday following evidence that inflation is falling. Bank Governor Philip Lowe said his board had halted the rise in interest rates to observe the full impact of the rate hike of 3.5 percentage points since May last year. “The board recognizes that monetary policy …

Inflation keeps falling, increasing chances of a Reserve Bank interest rate pause
1 year, 8 months ago

Inflation keeps falling, increasing chances of a Reserve Bank interest rate pause

ABC  

The official measure of inflation has fallen for the second month in a row, easing pressure on the Reserve Bank of Australia to hike interest rates next week. Key points: Annual inflation has fallen to 6.8 per cent, from a peak of 8.4 per cent in December Most categories of goods and services recorded smaller price increases than they had …

As crisis calls over financial distress climb, treasurer and finance minister say they know rate rises are hurting
1 year, 9 months ago

As crisis calls over financial distress climb, treasurer and finance minister say they know rate rises are hurting

ABC  

Federal government ministers have acknowledged an increase in distress calls to crisis support hotlines over cost of living, but say the fight to rein in inflation must continue. Key points: The federal government has acknowledged a spike in financial distress calls to crisis hotlines Reserve Bank governor Phillip Lowe says mental health concerns of Australians weighs heavily on him The …

Australians feeling the sting of inflation and rising interest rates could soon face a recession — and more pain
1 year, 9 months ago

Australians feeling the sting of inflation and rising interest rates could soon face a recession — and more pain

ABC  

What happens on the other side of trouble? The National Accounts, which also measure inflation with what's called the GDP "price deflator", has the cost of living rising at 9.1 per cent. AMP senior economist Diana Mousina puts the "recession probability in the next two years as high, around 40 per cent". "That's almost half the 4.7 per cent annual …

Profits have driven inflation while wages lag behind, argue economists
1 year, 10 months ago

Profits have driven inflation while wages lag behind, argue economists

ABC  

Increasing profits going to corporate Australia have accounted for more than two-thirds of the nation's inflation problem, according to new research from the Australia Institute. "Measured per unit of real output, corporate profits were 30 per cent higher as of the September 2022 quarter than before the pandemic started, less than three years earlier. Excess profits driving interest rates higher …

Unemployment rate jumps from 3.5 per cent to 3.7 per cent in January figures
1 year, 10 months ago

Unemployment rate jumps from 3.5 per cent to 3.7 per cent in January figures

ABC  

Australia's unemployment rate has increased from 3.5 per cent to 3.7 per cent according to last month's figures, in seasonally adjusted terms. "January is the most seasonal time of the year in the Australian labour market, with people leaving jobs but also getting ready to start new jobs or return from leave," Mr Jarvis said. David Bassanese, the chief economist …

Businesses are fuelling inflation with unnecessary price hikes — and struggling Australians are paying for it
1 year, 10 months ago

Businesses are fuelling inflation with unnecessary price hikes — and struggling Australians are paying for it

ABC  

Higher prices, that is. The Reserve Bank summed this up in this week's Monetary Policy Decision: "Global factors explain much of this high inflation, but strong domestic demand is adding to the inflationary pressures in a number of areas of the economy." "There's no doubt that corporations have taken advantage of the supply chain problems and the desperation of consumers …

Reserve Bank warns of at least two more interest rate rises in coming months, as the economic outlook worsens
1 year, 10 months ago

Reserve Bank warns of at least two more interest rate rises in coming months, as the economic outlook worsens

ABC  

Australia's cash rate has hit 3.35 per cent, after the Reserve Bank raised interest rates for the ninth time in a row — and signalled more interest rate pain ahead. That was the view of traders in the money market, who had priced loans on the basis that the bank's cash rate would climb just 0.35 points further after being …

Reserve Bank raises interest rates, 'expects that further increases will be needed'
1 year, 10 months ago

Reserve Bank raises interest rates, 'expects that further increases will be needed'

ABC  

The Reserve Bank has raised interest rates for the ninth meeting in a row, taking the cash rate target to its highest level since September 2012. Key points: The RBA's cash rate target is now at 3.35 per cent That is the highest level of the cash rate since September 2012 The RBA governor indicates that further rate rises are …

Inflation rises more than forecast, increasing interest rate hike odds
1 year, 10 months ago

Inflation rises more than forecast, increasing interest rate hike odds

ABC  

Inflation has come in higher than expected, increasing the chances of another Reserve Bank interest rate rise next month. Key points: The official Consumer Price Index jumped 7.8 per cent last year Travel and accommodation as well as electricity contributed the biggest price rises over the last three months of 2022 Travel was also among the biggest price rises over …

Inflation may have peaked – but families still face months more pain
2 years ago

Inflation may have peaked – but families still face months more pain

The Telegraph  

The ONS itself is cautious about calling the peak in price rises. Grant Fitzner, its chief economist, says that while inflation has surged because of soaring power bills driven by Russia's invasion of Ukraine, price rises are "no longer just an energy story" and have instead become widespread among goods and services. "If we make the wrong choices now, high …

Westpac's warning to corporate Australia highlights extent of households' financial stress
2 years ago

Westpac's warning to corporate Australia highlights extent of households' financial stress

ABC  

Actually, don't answer that. "By industry, the largest rise in wage bill in the three months to September was for accommodation and food services, up 7.7 per cent," Deutsche Bank chief economist Phil O'Donaghoe said. "And on the annualised basis, accommodation and food service workers saw a whopping 40 per cent increase in average wages over the past six months. …

Reserve Bank' admits higher interest rates WON'T bring down inflation
2 years, 1 month ago

Reserve Bank' admits higher interest rates WON'T bring down inflation

Daily Mail  

The Reserve Bank has admitted hiking interest rates aggressively doesn't necessarily bring down inflation quickly. Australia inflation grew by 7.3 per cent in the year to September at levels unseen since 1990 The Reserve Bank's statement on monetary policy released earlier this month forecast annual inflation remaining above its target until 2025, after falling to 3.25 per cent in December …

What's your personal rate of inflation?
2 years, 1 month ago

What's your personal rate of inflation?

ABC  

While inflation has officially reached 7.3 per cent for the year, prices aren’t rising at the same rate across the board. To estimate your personal inflation rate, we took a breakdown of average Australian spending called the Consumer Price Index, and made a few tweaks based on the answers you gave us earlier. Measuring housing costs The official inflation rate …

Reserve Bank of Australia rejects 'scorched earth' policy to tame inflation with faster interest rate rises
2 years, 1 month ago

Reserve Bank of Australia rejects 'scorched earth' policy to tame inflation with faster interest rate rises

ABC  

Reserve Bank of Australia deputy governor Michele Bullock has said the bank wants to hang on to as much of the employment gains made during the pandemic as it can, even as it tries to cool the economy to tame inflation. Key points: RBA deputy governor says a "scorched earth" policy of rapid interest rate hikes would crush inflation quickly …

Australia has a problem with inflation, and that likely means more interest rate hikes to come
2 years, 1 month ago

Australia has a problem with inflation, and that likely means more interest rate hikes to come

ABC  

Australia has a problem with inflation. It's a judgement call The Reserve Bank's inflation fighting job would be a heck of a lot easier if there wasn't such a time lag between cause and effect — that is, raising interest rates and seeing prices come down. But the Reserve Bank's key objective of lowering inflation back to the target range …

Reserve Bank warns Australians to brace for tough years ahead to get inflation under control
2 years, 1 month ago

Reserve Bank warns Australians to brace for tough years ahead to get inflation under control

ABC  

The Reserve Bank expects a couple of tough years for Australians, with real wages continuing to fall as inflation persists and unemployment starts to rise. Key points: RBA raises its inflation forecasts, with a peak of 8 per cent in December with the CPI still growing at 3.2 per cent at the end of 2024 Wages growth is expected to …

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