Treasurer Jim Chalmers says the inflation figure released today for the December quarter is “unacceptably high”.
Annual inflation for the December quarter rose from 7.3 per cent to 7.8 per cent, which is in line with Treasury’s forecast.
“This is likely the peak in inflation, but we won’t know that for sure until we get the numbers for this March quarter that we’re in now,” he said during a media conference on Wednesday.
“Our expectation and our hope is that inflation has now peaked, but it will still be higher than we’d like for longer than we’d like, even on the other side of the peak in inflation.
“Even as inflation moderates, the pressures coming at us from around the world will continue to be felt around the kitchen tables of our country.”