Elevated fuel and housing costs drove Australian inflation to higher than expected levels in the fourth quarter of 2021, increasing the likelihood of an interest rate rise in the second half of the year.
The consumer price index rose 3.5 per cent in the fourth quarter compared with the previous year, and 1.3 per cent from the third quarter, according to data published on Tuesday by the Australian Bureau of Statistics. Economists had expected a year-on-year rise of 3.2 per cent.
The rapid spread of the Omicron coronavirus variant has added to inflation worries. Food prices have risen on supply chain disruptions as supermarkets, retailers and logistics companies have struggled to source workers owing to the country’s isolation policies.
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