Australians grocery bills have doubled as inflation surges at the fastest pace in two decades – and things are expected to get a lot worse.
The first interest rate rise in more than a decade is squeezing household budgets, with borrowers paying off a typical $600,000 mortgage facing a $700 surge in their monthly mortgage repayments within a year.
Now prolonged lockdowns in China are expected to push up the global price of imported goods, making the hip pocket pain even worse and that’s set to send millions of Aussies broke.
Electricity prices are also expected to increase by $273 a year for a family of four following a doubling of national wholesale prices during the past year.
Little wonder Australians are nervous with a Westpac-Melbourne Institute monthly consumer sentiment survey for…
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