By Parker McKenzie
Upper Yarra residents have continued to experience an elevating cost of living in the past three months, with increases in prices of vegetables, fuel and housing all contributing to the largest annual rise of the Consumer Price Index “since the introduction of the goods and services tax” in 2000.
According to new CPI data published by the Australian Bureau of Statistics, household inflation rose by 1.8 per cent in the three-month period from March to June 2022.
The ABS’s Head of Prices Statistics Michelle Marquardt said the rise followed a 2.1 per cent increase in the previous quarter.
“The CPI’s automotive fuel series reached a record level for the fourth consecutive quarter. Fuel prices rose strongly over May and June, following a fall in April due to the fuel excise cut,” she said.
“Annual price inflation for new dwellings was the strongest recorded since the series commenced in 1999.”
According to the data, fuel prices rose for the eighth consecutive quarter by 4.7 per cent in Melbourne and the price of vegetables increased by 7.7 per cent.
Shortages of building supplies, labour, high freight costs and high construction activity were the main contributing factors to rising prices for newly built dwellings according to the ABS, with Melbourne seeing a 6.9 per cent rise.
The cost of renting in Melbourne rose only slightly by 0.2 per cent.
