Australian Inflation Seen Peaking at Almost 8%, Treasurer Says

Australian inflation is seen peaking at 7.75% by December, underlining the challenges to an economy where rising interest rates are already weighing on the property market and household spending.

Consumer prices are expected to moderate to 5.5% in June 2023, then return inside the Reserve Bank of Australia’s 2-3% target in 2024, Treasurer Jim Chalmers said in an economic statement on Thursday. He highlighted the deteriorating international backdrop to his nation’s open, trading economy.