There is cause to believe that the “very worst” of the inflationary cycle is over, according to Woolworths chief commercial officer Paul Harker.
, and the RBA is forecasting inflation to have peaked at about 8 per cent in December.
“We do expect the rate of inflation will moderate across the year, but will remain with us,” he said. “Rising interest rates and rents will no doubt put further pressure on household budgets. As a mainstay of communities across the country, we understand the role we need to play to help Australians in uncertain times. We are determined to do our bit.”Mr Harker said inflationary pressures on packaged groceries were the worst they had been in more than 20 years in the retail industry.
Finder chief executive Chris Ellis said data from the comparison website’s latest consumer survey of 1000 people, conducted in January, revealed that more than 75 per cent of Australians had felt the cost of living pinch. Mr Ellis also said that the eight RBA cash rate rises had increased the typical Australian variable mortgage holder’s repayments on a $600,000 mortgage by about $10,000 a year. He said 34 per of respondents in January said they struggle to pay their home loan, up from 17 per cent in October 2021.
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