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Treasurer Jim Chalmers expecting inflation to get worse before it gets better in 2022

Treasurer Jim Chalmers is expecting inflation to hit the highest level in 32 years by the end of 2022 – leading to several more interest rates before Christmas.

Headline inflation in the year to March was already at 5.1 per cent – the most elevated level since 2001, and it could take years before it falls back below 3 per cent.

Dr Chalmers conceded it would be unlikely inflation could be kept under seven per cent, with average unleaded petrol prices now back above $2 a litre – despite a temporary, six-month halving of fuel excise to 22.1 cents a litre.

‘It remains to be seen. Certainly, the expectation across the board is that inflation will get significantly higher than the 5.1 per cent we saw in the March quarter,’ he said.

‘The expectation across the board is that inflation will get…

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