Australia’s cost of living rockets on soaring petrol prices

The ABS has released cost of living indices for the March quarter, which soared on the back of rising petrol prices:

As shown above, all cohorts’ cost of living in the year ended March 2022 rose by more than the underlying inflation rate of 3.7%; although each also grew by less than headline inflation (5.1%).

Employee cost of living (3.8%) also rose by less than Age Pensioners (4.9%) and self-funded retirees (4.4%).