Australian PM Praises Inflation Numbers Amid Rising Cost of Living

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The Australian Prime Minister Anthony Albanese has expressed his approval over the latest inflation numbers for the country, noting that it was a positive sign of economic growth.

He also cautioned that cost of living pressures remain across Australia, especially in larger cities and more populous regions.

Albanese told reporters in Melbourne, “It was pleasing the results, the trend going in the right direction this week with the figures, but we know the cost of living pressures are there.”

According to the latest data released this week, inflation slowed to an eight-month low in February due to a fall in holiday travel and accommodation prices.

This is good news for Australians who have been feeling the effects of the rising cost of living pressures over recent months.

Last month, despite stubborn inflation figures, the Reserve Bank of Australia (RBA) raised its cash rate to its highest level in over a decade. This move was made to address the persistent rise of the cost of living pressures experienced across the country.

The cost of living has become a key political issue, with many Australians noting that the rising prices have made it increasingly difficult for them to cover their everyday expenses.

With wages growing slower than inflation, some experts warn that this could lead to greater inequality and poverty.

Analysts expect inflation to remain steady over the coming months as businesses struggle with supply chain disruptions worldwide due to Covid-19 restrictions.

The RBA is also expected to keep its interest rate at its current level to help businesses manage their cash flow and continue operating while dealing with these challenges.

Mr Albanese stated he was pleased with recent figures describing them as “pleasing”, but he stressed they must not be taken as an excuse for complacency when tackling the ongoing cost of living pressures throughout Australia.

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