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.



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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.

source: abc.net.au

 




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