VIDEO: KA-BOOM! Australian inflation goes through the roof

In March, Australia?s inflation rate hit its highest quarterly and annual rate since the introduction of GST 20-years-ago.

Pandemic-related supply chain disruptions, raw materials shortages and labour constraints caused the price of new dwellings to soar 6.7%.

Similarly, Automotive fuel prices rose by 11% nationally, the strongest annual increase in over 30-years as Russia invaded Ukraine which raised concerns of global oil supply shortages.

Tertiary education was another top gainer, climbing 6.3% following the introduction of the new band and fee schedule for students last year.

Perth was the hardest hit capital city with CPI rising 3.3%, whilst Sydney had the lowest increase of 1.7%.

Economists are now predicting the RBA will raise interest rates in May to address the high cost of living for Aussies nationwide.