Australia’s inflation rate reaches 6.1% – the fastest annual increase in 21 years

Australians are paying more for food and fuel, according to data released on Wednesday by the Australian Bureau of Statistics

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Australian prices rose 6.1% in the June quarter, the fastest annual pace since 2001 as consumers forked out more for everything from fuel to food.

Transport costs alone increased 13.1% as the price of fuel rose to record levels for the fourth quarter in a row, with Russia's invasion of Ukraine in February the latest propellent. The cost of new houses also rose 9% from a year earlier.