Treasurer Jim Chalmers has warned that inflation will get tougher before it gets easier, after it reached a multi-decade high.
New data from the Australian Bureau of Statistics (ABS) showed the Consumer Price Index – otherwise known as CPI – rose 6.1 per cent over the twelve months to the June 2022 quarter.
“This is not a surprising outcome, but a confronting outcome,” he said.
“It is not news to millions of Australians who feel its inflation challenge, every time they go to the supermarket and every time the bills arrive.”
Chalmers (pictured) attributed the rise to mostly global causes, including the war in Ukraine, global supply chain issues, and COVID-19.
