Australia faces mounting economic pressure as rising costs for essentials like groceries, fuel, and housing outpace wage growth, creating what analysts call an 'unpredictable future' for residents. Factors including global supply chain disruptions from the Russia-Ukraine conflict, post-pandemic recovery challenges, and extreme weather events have driven inflation to a 20-year high.
Data from Reuters shows a 2.1% quarterly jump in consumer prices through March 2023, with annual inflation hitting 6.6%. Petrol prices surged 11% in three months, while fruit and vegetable costs rose 5.8% – impacts felt acutely in cities like Melbourne. "Families are choosing between filling their cars or buying school supplies," a CGTN stringer reported from local supermarkets.
While all income groups face strain, economists warn lower-wage workers are most vulnerable as real wages decline. The situation underscores how global crises ripple through local economies, testing both household resilience and policy responses.
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Rising cost of living leaves 'unpredictable future' for Australians
cgtn.com
