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Soaring inflation offers no reprieve to mortgage holders

Inflation has hit 6.1 per cent according to consumer price index data released by the Australian Bureau of Statistics, offering further incentive for the Reserve Bank to lift interest rates next Tuesday.

Magnifying glass focused on the word inflation on Australia flag background.

Any doubts around the assumption that the Reserve Bank of Australia would ease the throttle on interest rates hikes have all but dissipated with the latest inflation figures released this morning (27 July).

The Consumer Price Index (CPI) rose 1.8 per cent this quarter, taking the annual figure over the 12 months to the June 2022 quarter to 6.1 per cent.

As the multitude of building company failures

attests, the most significant price rises were…