We are spending more on almost everything but just how much more?
The monthly consumer price index (CPI) rose 7.3 per cent over the year to November, up from a 6.9 per cent increase in the year to October.
The biggest price rises were in housing as well as food and non-alcoholic beverages, which both rose almost 10 per cent.
Transport was up 9 per cent; furniture, household equipment and services rose 8.4 per cent, and recreation and culture recorded an uplift of almost 6 per cent.
In the food category, meals out and takeaway food, at 7.3 per cent, was the main contributor to the annual increase.
Australian Bureau of Statistics head of macroeconomic statistics Jacqui Vitas said that last November marked the 21st consecutive month of higher total household spending, with most categories recording increases.
The goods used to determine inflation are divided into 11 major groups, each representing a specific set of commodities, and these groups are then broken down into further sub-groups.
Here is a snapshot of how prices have risen since 2020.
The ACCC’s November 2021 petrol monitoring report showed average retail petrol prices in 2020–21 in Australia’s five largest cities were the “lowest in 22 years in real inflation adjusted terms”.
Annual average retail prices in 2020–21 in Sydney, Melbourne, Brisbane, Adelaide and Perth were 129.7 cents per litre (cpl), a decrease of 4.9cpl from 2019–20 (134.6cpl).
“In real terms, the last time annual average retail prices were lower than this was in 1998–99 when they were 115.0 cpl,” the ACCC report read.
According to the Australian Institute of Petroleum, the average weekly price as of January 15, 2023, had risen to 185 cpl.
The nation’s median rent for a three-bedroom house increased to $555 per week in 2022, according to property analysts CoreLogic. In 2020, the ABS’s Survey of Income and Housing showed it was $379 per week.
In 2020, the price guide for a new Toyota Corolla was $32,990, according to carsguide. Two years later, the price was $38,990.