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Australia’s annual inflation hits 7.8% partly driven by surging electricity prices

Australia’s annual inflation hits 7.8% partly driven by surging electricity prices

CPI rose by 1.9% in the December quarter driven by surging electricity prices and the cost of holiday travel and accommodationFollow our Australia news live blog for the latest updatesGet our morning and afternoon news emails, free app or daily news podcastInflation in Australia reached 7.8% in the year to December, in what economists hope will be the peak for runaway prices.The consumer price index rose by 1.9% in the December quarter, the Australian Bureau of Statistics revealed on Wednesday, driven by surging electricity prices and the cost of holiday travel and accommodation.

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