Today’s quarterly Consumer Price Index (CPI) data confirms Australians are paying a high price for the Albanese Labor Government’s economic mismanagement.

CPI rose sharply by 1% in the March quarter, and core inflation – the RBA’s preferred measure – remains at 4%.

Domestic inflation is 5.0%, more than five times higher than imported inflation.

The data confirms that inflation in Australia is too high, stubborn, and it is homegrown.

Labor has failed to tackle inflation at the source and is more concerned with spin than managing the economy.

Under Labor prices have increased 10% with even larger increases for many essential items:

• Food is up 10%
• Education is up 11%
• Housing is up 12%
• Insurance is up 26%
• Electricity and gas are up by 18% and 25% respectively

Hardworking Australians have been hit by higher prices, higher mortgage repayments and higher taxes under Labor.

Shadow Treasurer Angus Taylor said the latest data confirms that Labor has not won the fight against inflation.

“After nearly two years of Labor, families and businesses continue to struggle with the consequences of high inflation.

“Australians have seen prices rise by 10% across the board. That’s 10% more that families are forced to find in their household budget. There’s no sign of relief anytime soon.

“With three weeks to go until the Federal Budget, we’re yet to see any signs from Labor that it’s taking inflation seriously. All we’ve had so far are broken promises and ideological crusades.

“The reality is we didn’t have to be here. Labor has had two budgets to rein in spending and boost productivity to beat inflation. Instead, productivity has collapsed and Labor has spent an additional $209 billion since the last election.

“Australian families have seen their standard of living crushed under Labor, and there is absolutely no plan from this government to restore it.

“Australians deserve better.”

ENDS.