By Monica O’Shea The federal opposition has responded to the release of Australia’s official inflation rate, at 3.4 percent, saying inflation across various sectors was much higher. Monthly inflation figures from the Australian Bureau of Statistics (ABS) for February showed inflation held steady on the January figures, coming in at the same level as the […]
Tag: Inflation
In economics, inflation refers to a general progressive increase in prices of goods and services in an economy. When the general price level rises, each unit of currency buys fewer goods and services; consequently, inflation corresponds to a reduction in the purchasing power of money.