Australia’s inflation hits 7.3%, the highest level since 1990, with interest rates now likely higher for longer

Families and businesses feeling the pinch as soaring CPI ensures more interest rate rises to come

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Australia's inflation rate accelerated in the September quarter as energy prices soared, heaping pressure on households and businesses and ensuring more interest rate rises to come.

The consumer prices index (CPI) has risen 7.3% over the past year and increased by 1.8% in the July to September period, the Australian Bureau of Statistics said on Wednesday. Economists had predicted annual CPI would quicken to 7% from the 6.1% pace reported in the previous quarter.