Inflation has hit 104.3 per cent in one country.
Professor Kulish said as with other advanced economies, Australia provided economic stimulus as part of its response to the COVID-19 pandemic. That, coupled with supply disruptions, has meant very high inflation and low unemployment.
While Australians may have noticed a gradual increase in the cost of items on the grocery store shelves over the past year, for those in Argentina, noticeable price rises can be seen each time they go to the shop. The soaring prices and depleted spending power means 40 per cent of Argentinians are considered to be now living below the country’s poverty line.
"It's like a very poor economic management in which basically, the government is printing money to finance government spending." "The stimulus was very large, I think predicated on the uncertainty and trying to avoid worst-case outcomes."
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