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Australia’s cost of living has jumped yet again.

Headline inflation jumped 1.1% in the March quarter, while the Consumer Price Index rose to 4.6% in the year to March, up from 3.7%.

Surging oil prices have largely driven the jump, with petrol prices increasing by 32.8%, lifting transport costs by 9.2%.

The Reserve Bank of Australia will be making an announcement regarding the Official Cash Rate on the 5th of May.

Dr Rober Breunig, Director of the Tax and Transfer Policy Institute at the Australian National University, told Mike Hosking that while inflation has risen, they’re not seeing much impact in terms of economic growth and unemployment – the latter holding steady.

He says the Reserve Bank will be concerned about inflation expectations getting out of control – if people expect high inflation to persist and start asking for wage increases, prices may be increased in anticipation, and it all snowballs.

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