The Strategist

Australia expects inflation to peak by the end of 2022

10/25/2022 - 10:44

According to Jim Chalmers, head of the Treasury Department, Australia's inflation may reach its peak by the end of the year as a result of recent natural disasters and growing energy costs.

He told ABC television that "the Treasury Department's current estimate is that inflation will linger longer than we projected."

According to the Australian finance minister, inflation will reach a yearly high of 7.75% in December.

The ministry projects that government spending on social security benefits, including pensions, will be roughly $20.8 billion higher than expected as a result of inflation.

Forecasts for Australia's economic growth are also thought to be negatively impacted by the flooding that occurred there last week.



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