Australia’s cost of living rises due to Russia Ukraine conflict

The federal budget next week is set to ease some of the costs Australians are facing.

Some of the daily living costs for millions of Australians have blown out over the past year.

Petrol prices continue to rise as the war in Ukraine continues. (9News)

Petrol prices have skyrocketed since the start of the conflict, with the cost at the bowser up by 55 per cent.

House rent has risen by nearly 9.5 per cent adding to the cost for Australians who have crossed out the dream of owning a home due to the surging house prices.

Childcare costs are up by 6.5 per cent.

The cost of baby products has also risen by 5.2 per cent.

Australians’ total grocery shop is getting higher too with fresh fruit and vegetables rising more than 5 per cent.

Grocery shops have become more expensive for millions of Australians. (Getty)

Not only have food prices been impacted by the conflict in Ukraine, the recent devastating floods in New South Wales and Queensland have also impacted the supply and therefore the price of fruit and vegetables.

Experts say prices will go up again before they drop.

There have been hints by the federal government that these rising costs will be addressed in the federal budget next week.

Scott Morrison and the federal government have hinted at offsets for the cost of living. (Nine)

The prime minister said last week the federal government is “very aware” of the strain on household budgets due to the rise of the cost of living.

“These cost of living impacts are real, and the Australian government understands that,” Scott Morrison said.

The Treasurer has made it clear we’re likely to see more tax offset lump sum payments, an increase in childcare subsidies and potentially even a lowering of the fuel excise, currently set at 44.2 cents per litre.

10-year-old has to receive heart condition treatment in schoolroom

According to the Australian Bureau of Statistics, the annual consumer price index rose 3.5 per cent over the December quarter.

Source by [author_name]

Latest

Beyonce Unveils Cover Art For New Album Renaissance And All We Can Say Is… Wow

Just a week after surprising all of us with...

End of a Pandemic Tracker Signifies a New Phase in Travel

Times Insider explains who we are and what we...

GOP Rep. Adam Kinzinger: When You Try A Coup In The U.S., You Have To Pay For That

Rep. Adam Kinzinger (R-Ill.) appeared on “The Late Show...

Sydney could see a month’s worth of rain in a day as weather event hits

Sydney residents have been warned tomorrow's deluge could cause flash flooding as a month's worth of rain falls in just one day.Meteorologist Jane Golding...

Severe weather warning for NSW ahead of weekend downpour

The Bureau of Meteorology has issued a severe weather warning for the state’s east coast ahead of a deluge expected to bring hundreds of...

Queensland bans more single-use plastics, signals end to disposable coffee cups

Queensland is expanding its ban on single-use plastics, announcing that from September 2023 plastic microbeads, polystyrene packing peanuts and plastic-stemmed cotton buds will no...