Australia Bureau of Statistics has released the latest Consumer Price Index (CPI) last week. They claimed that the cost of living of Australian had risen 3.1% last year. Hence, most families are believe cannot pay the regular bills as cost of living now has increased. It is because the prices of electricity have risen 18% from last year while prices of gas also have risen 10%. Other components of CPI also have shown increasing trend such as childcare and health costs. However, some parts of CPI shown decreasing trend such as in prices of computers, TVs and holidays. On the other hand, AMP chief economist Shane Oliver said most people would not feel the real cost of living until CPI increases to 5-6% a year which double the official inflation rate. Meanwhile, University of Canberra lecturer McAuley said that CPI needed to be reviewed nationwide which means it has to reflect the price changes in rural area and regional areas. The Reserve Bank of Australia said the components of CPI were not being updated often enough to reflect the current household spending. To view the full news, click on the link above.
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