The Australian Bureau of Statistics has reported the Consumer Price Index (CPI) rose 7.8% over the 12 months to the December 2022 quarter, the highest since 1990.
The ABS says the past four quarters have seen strong quarterly rises off the back of higher prices for food, automotive fuel and new dwelling construction.
Trimmed mean annual inflation, which excludes large price rises and falls, increased to 6.9 per cent, the highest since the ABS first published the series in 2003.
The CPI rose 1.9% this quarter, and the most significant price rises were Domestic holiday travel and accommodation (+13.3%), Electricity (+8.6%), International holiday travel and accommodation (+7.6%) and New dwelling purchase by owner occupiers (+1.7%).