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Australian inflation hits a post-1990 peak


Australian Inflation Hits a Post-1990 Peak

Australian inflation rates have been a topic of discussion in the economy lately, with prices reaching what has been described as a post-1990 peak.

What is Inflation?

Inflation is the increase in prices of goods and services over time. It is usually measured as the annual percentage changes of a price index or basket of goods, such as the Consumer Price Index (CPI). Inflation meaning when the same goods and services require higher prices to buy the same amount, this leads to the overall decrease in the purchasing power of a given currency.

Recent Inflation Figures

As of March 2021, the Australian Bureau of Statistics (ABS) reported annual inflation figures at 1.1%, the highest seen since March 1990. The new numbers were based on the trimmed mean inflation data, which is used by the Reserve Bank of Australia as an important advisor for setting monetary policy.

The new figures reflect an annual average increase in the cost of goods, such as food and health, which helped push the overall inflation rate to a 30-year high.

How Does Inflation Impact the Economy?

When inflation is high, the cost of goods and services go up, meaning that people have less buying power. This can have a ripple effect on the economy, leading to decreased demand for goods and services, reduced economic growth and job losses.

High inflation can also hurt businesses by making it harder for them to make profits. Companies may react to these higher prices by increasing their own prices, leading to a vicious cycle of inflation.

Conclusion

Australian inflation rates have been steadily rising in recent months, reaching a 30-year high. This could have a negative impact on the economy in the form of lower purchasing power and reduced economic growth. It is important that the government takes steps to ensure that inflation remains under control and that the Australian economy remains stable.

Key Points:

  • Australian inflation rates have reached a post-1990 peak.
  • Inflation is the increase in prices of goods and services over time.
  • As of March 2021, the annual inflation rate was 1.1%, the highest since 1990.
  • High inflation can negatively impact the economy.
  • It is important that the government takes steps to ensure that inflation remains under control.

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