Treasurer Josh Frydenberg blames rising inflation on COVID-19 and the war in Ukraine

The Federal Treasurer blames international volatility for grim inflation figures released today that show the biggest rise in cost of living pressures in more than two decades.

Prices of goods and services rose 5.1 percent over the past year, well above what many economists had forecast, and well beyond the Reserve Bank of Australia’s preferred inflation range of 3.7 percent. percent.

The figures, released in the midst of the 2022 federal election campaign, add further fuel to the debate between the Coalition and the Labor Party over economic management and planning.

Speaking in Melbourne, Treasurer Josh Frydenberg said the data was a reminder of the current “complex and volatile” economic environment.

“Australia is not immune to international pressures that drive up inflation,” he said.

The COVID pandemic has caused major supply chain disruptions that are causing freight costs to increase in some cases by five times or more.

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