Shock as inflation hits highest level since 1990
A February interest rate rise now appears a near-certainty after the latest inflation figure came in well above expectations.
Over the past year, housing (+10.7 per cent), food (+9.2 per cent), and recreation and culture (+9 per cent) had the steepest price increases. (Image source: Shutterstock.com)
In 1990, the last time inflation was at the levels it has hit today, Australians were watching Graham Kennedy's Funniest Home Video Show, playing with Nintendo Gameboys, in love with Prime Minister Bob Hawke and listening to Milli Vanilli.
A 7 February interest rate hike now appears a near-certainty following the announcement that inflation had leapt a massive 1.9 per cent in the December quarter to hit 7.8 per cent over year.
Michelle Marquard…
