Treasurer Jim Chalmers has revealed that Australia?s inflation rate could jump towards 8% by the end of the year.
During his economic statement to Federal Parliament, Dr Chalmers said inflation is forecast to peak at 7.75% in the December quarter.
His statement follows the latest inflation figures yesterday, which saw CPI increase to a 21 year high of 6.1% in the quarter.
In his speech, Dr Chalmers also said Australia?s economy would grow at a slower pace than previously predicted, warning GDP for FY22 is likely to be 3.75%, instead of the 4.25% estimated before the Federal election.