Annual Fuel Inflation Reaches Highest Level Since 1990
1990 was not only the start of the last decade of the 20th century, it saw the invasion of Kuwait by Iraq and the highest annual fuel inflation levels ever seen. The Australian Bureau of Statistics (ABS) recently released its quarterly inflation figures, which showed the annual automotive fuel inflation rate was the highest since 1990 sitting at 11 per cent.
Combined with an annual inflation rate increase of 5.1 per cent, this significant jump in fuel will have flow on effects for the average consumer in Australia in terms of energy prices.
The increased cost of fossil fuels like automotive fuel will have a massive impact on the wholesale price of energy which companies will then need to pass on to their customers. Consumers will very quickly see their annual electricity price and cost increase, even if they decrease their electricity consumption.
Australians are urged to beat this coming price rise by comparing energy providers and seeing if they can get a better deal on their electricity contract through Billy Explores. Through Billy Explores, consumers have access to a large panel of providers where they can quickly and easily compare energy prices and offers. Aussies can simply click here to compare electricity providers today.