Inflation in Australia reaches its highest level since 1990

Inflation in Australia reached its highest level since 1990, the Australian Bureau of Statistics website said on Wednesday.

"The annual movement of the consumer price index at 7.3% is the highest since 1990," the report says.

In just the three months from July to September this year, prices rose by 1.8%, largely due to rising real estate, gas and furniture prices. Housing prices for the year rose by 20.7%.

The ABC Broadcasting Corporation cites an expert's opinion that "a shortage of workers in the construction industry, which affected the increase in labor costs, influenced the rise in the price of new homes in the third quarter of the year. According to ABS, the biggest increase in prices has been observed in goods since 1983 with an annual increase of 9.6%, and the cost of services by 4.1%.

On the eve of the Australian government proposed a draft budget for 2023, providing for subsidies for childcare and pharmaceuticals. As noted by ABC, this may reduce inflation next year.