Australia’s annual inflation hits 7.8% partly driven by surging electricity prices

CPI rose by 1.9% in the December quarter driven by surging electricity prices and the cost of holiday travel and accommodation

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Inflation in Australia reached 7.8% in the year to December, in what economists and the federal government hope will be the peak for runaway prices.

The consumer price index rose by 1.9% in the December quarter, the Australian Bureau of Statistics revealed on Wednesday, driven by surging electricity prices and the cost of holiday travel and accommodation.