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	Podcast:		Please Explain
	Episode:		Cost of living bites as inflation hits 6.1 per cent
	Category:		News & Politics
	Duration:		00:13:44
	Publish Date:		2022-07-27 05:37:57
	Description:		The Consumer Price Index has risen by 6.1% over the past 12 months, pushing inflation to its highest level in more than 20 years. In news Treasurer Jim Chalmers described as unsurprising, but still confronting, CPI rose by 1.8 per cent in the June quarter. The biggest increases were in the cost of transport, which rose by 13.1 in the 12 months to June, and housing, up 9 per cent in the year to June. The figures show the pressures on household budgets are real: in the June quarter, the cost of vegetables rose by 7.3 per cent, while fuel costs were up by 4.2 per cent. Now all eyes turn to the Reserve Bank, which is due to meet on Tuesday. Today on Please Explain, senior economics correspondent Shane Wright joins Bianca Hall to discuss the latest inflation figures and why inflation is likely to get worse before it gets better. Subscribe to The Age & SMH: https://subscribe.smh.com.au/ See omnystudio.com/listener for privacy information.
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