Inflation: it’ll get worse before it gets better
If, like many Australians, you’re starting to feel the pinch on rising costs like petrol and groceries, the bad news continues to come.
The latest inflation figures were released yesterday revealing a CPI increase of 6.1% over the year to 30 June. That’s a record high, but it’s not the sort of record we want to be setting.
Unfortunately, the inflation increase all but guarantees another 0.5% interest rate rise in August.
And many economists expect price rises to get even worse before things get better, with inflation tipped to reach 7% by the end of the year.
The signs overseas are even worse, with inflation at a 40-year high of 9.1% in the US and 8.2% in the UK, while across the ditch in New Zealand it’s at 7.3% — a 32-year high.
In other news, you may have heard that the state government is offering households a $250 rebate to compare and switch energy providers.
Pleasantly, it turns out it’s not a scam! How do I know? I’ve done it and received the cash!
Rather than me give you a link to click, Google “$250 electricity rebate Victoria” (or something similar) and you’ll be taken to compare.energy.vic.gov.au.