BREAKING NEWS: Australian inflation surges after warning from Twitter billionaire as petrol prices hit record highs and rents leap
- Australia’s inflation rate surged by 3 per cent during the September quarter
- Surging petrol costs of 7.1 per cent were the biggest contributor to price rises
Record-high petrol prices and leaping rents are causing an Australian inflation surge with new proof of living cost pressures revealed after Twitter billionaire Jack Dorsey issued a ‘hyperinflation warning’.
Australia’s headline inflation rate grew by 3 per cent in the September quarter with the consumer price index at the top end of the Reserve Bank’s 2 to 3 per cent target band.
Surging petrol prices were the biggest contributor with fuel prices up 7.1 per cent in the quarter.
The figures were taken before unleaded prices this month surged to new record highs.
Record-high petrol prices and leaping rents are pushing up Australian inflation with new evidence revealed after Twitter billionaire Jack Dorsey issued a ‘hyperinflation warning’.
The official data showed unleaded prices at 153.5 cents a litre during the September quarter but as of this week, bowser prices in Sydney and Melbourne had soared to record highs above 172 cents a litre.
In Adelaide, average petrol prices have soared above 180 cents a litre.
The Australian Bureau of Statistics has revealed the extent of the price rises hours after real estate data group CoreLogic revealed national rents in September soared by 8.9 per cent, the fastest annual growth since July 2008.
In regional areas, rents surged at an annual pace of 12.5 per cent, the fastest annual pace in records going back to 2005.
New evidence of price pressures, as economies open up from Covid restrictions, were revealed after Dorsey warned of global hyperinflation.
The 44-year-old billionaire chief executive used his social media platform to warn his 5.8million followers of global mega price surges, the like of which have historically afflicted Germany‘s Weimar Republic during the 1920s and dysfunctional dictatorships like Zimbabwe, Venezuela and Cuba.
‘Hyperinflation is going to change everything. It’s happening,’ he said.
He doubled down when quizzed: ‘It will happen in the US soon, and so the world.’
Dorsey issued the warning about massive price surges in the world’s biggest economy, two months after his Square group announced it would take over Australian buy now, pay later juggernaut Afterpay for $39billion.
New evidence of price pressures, as economies open up from Covid restrictions, were evealed after Dorsey warned of global hyperinflation
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