The latest CPI figure came out on the 18th of July 2022 revealing annual inflation hit 7.3 percent in the June quarter. This is the largest year on year increase since 1990 and follows a 6.9 percent increase recorded in the March 22 quarter. Quarterly inflation has jumped 1.7 percent.

The large annual increase was driven up primarily by the housing and household utilities group, due to rising prices for construction and rentals for housing. The current supply-chain issues, labour costs and higher demand have continued to drive up the cost of building.

Following housing, the next largest contributor to the annual rise was the Transport sector being driven by the prices of petrol and diesel. Petrol prices have increased 32 percent in the year to the June 2022 quarter, the largest annual increase since the June 1985 quarter. Diesel prices have increased 74 percent over the same period.