Australian households should be prepared for further hikes in living costs as the economy showed the first signs of slowing growth in the first quarter of 2022.
According to a survey by the Australian Bureau of Statistics in May, over one-third of local businesses (38 percent) were expected to raise prices by more than usual.
Among those businesses, 92 percent cited increases in costs of products or services used as the reason for lifting prices, followed by rising fuel or energy prices (78 percent) and other business overhead costs (50 percent).
Notably, over half of all businesses in manufacturing, construction, wholesale trade, and accommodation and food services intended to push up their goods and services prices in the next three months….