Australia faces prospect of pre-election rate rise as inflation and consumer prices soar

Australia faces the prospect of a pre-election rate rise by the Reserve Bank after underlying inflation pace soared to its highest in 13 years while the broader consumer price measure increased at the quickest pace since the GST was introduced in 2000.

The last time the RBA raised interest rates during a federal election was in 2007 when then prime minister John Howard lost the subsequent poll to Kevin Rudd. Food prices rose 2.8%, with vegetables alone up 6.6%, fruit up 4.9%, and beef up 7.6% in the March quarter. The pace of food price increases, including 4.3% year-on-year, is the most since 2011, Rabobank said.

“This reflected the broad-based nature of price rises, as the impacts of supply disruptions, rising shipping costs and other global and domestic inflationary factors flowed through the economy,” she said.

ah yes the lnps strong fiscal management at work on the economy ,jobs jobs jobs for the boys of greed and theft

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