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The March quarter’s Selected Living Cost Indexes – which include mortgage costs, giving a fuller view of inflation’s real impact than the Consumer Price Index – show employee households and mortgage holders both saw record increases in their cost of living. And with rate hikes continuing to flow through the economy, more pain is on the horizon.
After a dip in October, the inflation rate is back to a 30-year high, according to ABS statistics for November that put into doubt hopes the Reserve Bank of Australia will pause rate hikes soon.