Remember 2000? Price surge hits consumers at fastest rate since the turn of the century.

The Australian Bureau of Statistics (ABS) recently released its first quarter inflation figures, with consumer prices rising 2.1 per cent  in the first three months of 2022, taking the annual Consumer Price Index to it’s highest level in 20 years of 5.1 per cent.

As part of its release, the ABS reported a combination of soaring petrol prices, home building costs and university costs drove inflation to the highest level last seen in September 2000.

Head of prices statistics at the ABS, Michelle Marquardt, said the largest contributors to the rise in consumer prices were new dwellings (up 5.7 per cent), fuel (up 11 per cent) and tertiary education (up 6.3 per cent).

“Strong demand combined with material and labour supply disruptions throughout the year resulted in the highest annual inflation for new dwellings since the introduction of the GST,” she said.

“Annual price inflation for automotive fuel was the highest since the 1990 Iraqi invasion of Kuwait.”

This increase put the Reserve Bank under additional pressure to raise interest rates, with its emergency record low interest base rate of 0.15%.

With such a large increase in consumer prices not seen in 22 years, it stands to follow that health insurance premiums will increase even further in the coming months to keep pace with inflation. In order to beat this anticipated price rise, Australians are encouraged to compare health insurance through Billy Explores, and see if they lock in a better private health insurance deal for their needs. To compare health insurance providers through Billy Explores, Aussies just need to click here.