Cost of living 2022: see how inflation has changed prices in Australia in the June quarter – interactive

Use this data explorer to see which goods and services are getting cheaper or more expensive in different Australian cities

Data released on Wednesday by the Australian Bureau of Statistics showed prices climbing by 6.1% in the June quarter – the fastest annual pace since 2001 – driven primarily by the increasing cost of food and fuel.

Russia’s invasion of Ukraine has pushed up global oil and gas prices as well as food, with Ukraine unable to export its grain harvest as Russian missile strikes continue on its ports.

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Jim Chalmers warns of ‘confronting’ inflation and wages forecast in July economic update

Treasurer says rising interest rates will affect economic growth but Labor has plans to provide cost-of-living support

Australia’s July economic update will contain “confronting” news about lower growth projections and higher inflation cutting real wages, Jim Chalmers has said.

The treasurer said the update to be delivered on Thursday 28 July comes as the global economy is in a “difficult if not dangerous place” due to high debt and rising interest rises to combat inflation.

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New Zealand inflation hits 7.3%, the highest rate since 1990

Pain for households as consumers price index for June quarter exceeds forecasts and more interest rate rises loom

Inflation in New Zealand has hit a steeper-than-forecast 7.3%, its highest level in three decades, with households facing hefty jumps in food, petrol and housing costs.

Stats NZ has released its quarterly consumers price index for the three months leading up to June. Inflation rose from 6.9% in March to 7.3%, with food up 1.3% and 2.3% rises in transport as well as housing and household utilities.

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Greece tells Germans fearing huge heating bills to ‘come here for winter’

German pensioners seeking ‘asylum’ from soaring energy costs and rising inflation are welcome in Greece, says minister

Greece’s tourism minister has sent an invitation to German pensioners wanting to escape astronomical heating bills and other high living costs this coming winter, urging them to see his country as an attractive alternative.

With gas bills already having doubled in Germany and expected to rise to around seven times the level they were a year ago, Vasilis Kikilias has said Greece offers the promise of warmth, hospitality and lower grocery and restaurant prices.

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Russian war slowing growth and hiking inflation, European Commission warns

Body revises economic forecast and says outlook for EU and eurozone heavily dependent on course of war

Europe’s economy faces the twin blows of slower growth and higher inflation as it struggles to deal with the fallout from Russia’s invasion of Ukraine, the European Commission has warned.

In its summer forecast, the governing body in Brussels said the “protracted war” was sending shockwaves through the eurozone and the wider EU, leading to a marked slowdown in activity next year.

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Rising food prices hit every supermarket aisle putting pressure on low-income families

Soaring cost of produce in Australia has ‘exacerbated health inequality’ and leads researchers to call for farmers to be subsidised

The price of food has continued to rise, with new data showing that every supermarket aisle has been hit by hikes, not just fruit and vegetables.

The soaring prices have led researchers to call on the federal government to help subsidise growers, amid concerns it’s costing some lower socioeconomic families 40% of their income to buy a week’s worth of healthy food.

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New French PM vows to nationalise EDF and tackle cost of living crisis

In speech to divided parliament, Élisabeth Borne tries to court opposition parties to avoid deadlock

France is to renationalise its indebted electricity giant EDF in response to the energy crisis aggravated by Russia’s invasion of Ukraine, the country’s prime minister, Élisabeth Borne, has said.

Borne vowed to limit the impact of rising energy prices despite the political turmoil of Emmanuel Macron losing control of parliament in recent legislative elections.

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Nation records 33 Covid deaths as Victoria reports fifth monkeypox case – as it happened

Mark Butler urges Australians to get boosters as new subvariant circulates; nation records 33 Covid deaths. This blog is now closed

Australia ‘deeply concerned by continuing erosion of Hong Kong’s rights’

Penny Wong, minister for foreign affairs, released a statement last night saying Australia remains “deeply concerned” by the continuing erosion of Hong Kong’s rights.

Australia remains deeply concerned by the continuing erosion of Hong Kong’s rights, freedoms and autonomy, two years since the imposition of the National Security Law.

The National Security Law has been applied broadly to arrest or pressure pro-democracy figures, opposition groups, the media, trade unions and civil society. The electoral reforms imposed by Beijing in 2021 have further eroded Hong Kong’s democratic governance.

This will be the fourth time the government has offered to make the changes, announced the changes, and then backtracked as a result of internal politics.

I’m just not sure where we go from here but our members are resolute. We are going to continue fighting to get these trains made safe, and we’ll do whatever it takes to make that happen.

It’s going to be a very messy day. It’ll be a weekend timetable with other trains taken out of it.

The families of the railway workers right now could be having $3,000 deposited in their account, instead of having that money spent on modifying perfectly good trains.

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UK shop prices hit highest rate of inflation since 2008

Prices up 3.1% on a year ago, with fresh food prices in particular rising sharply, figures show

Shop prices have hit their highest rate of inflation in almost 14 years as businesses grapple with soaring supply chain costs and a cut in household spending, figures from the British Retail Consortium (BRC) show.

They were up 3.1% on a year ago in June, up from 2.8% in May – the highest rate of inflation since September 2008, according to the BRC-NielsenIQ shop price index.

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Inflation could push English councils into bankruptcy, say leaders

Rise of £2.4bn in costs could be ‘disastrous’ and essential services may need to be cut, says LGA chair

Council leaders in England have said a multibillion-pound financial crisis caused by rising inflation could make local services unviable and even lead to local authorities going bankrupt, unless the government offers emergency funding.

The cross-party Local Government Association (LGA) said local services that were seemingly secure just three months ago were now at risk of closure or cuts as councils scramble to manage an unforeseen £2.4bn rise in energy and pay costs.

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Cost of living squeeze could push UK into ‘mild recession’; petrol price hits fresh highs – business live

Rolling coverage of the latest economic and financial news

Motoring group RAC say UK fuel retailers are engaging in ‘rocket and feather’ pricing, after petrol and diesel both touched record highs over the weekend.

Prices at the pumps jumped sharply (over the last few months as wholesale prices have risen.

“We are struggling to see how retailers can justify continuing to put up their unleaded prices as the wholesale cost of petrol has reduced significantly.

This is sadly a classic example of ‘rocket and feather’ pricing in action, and one which the Competition and Markets Authority will no doubt be looking at very closely. It seems as if retailers are making matters worse for themselves by not lowering their forecourt prices despite having a clear opportunity to do so.

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Ecuador at standstill after two weeks of protests over cost of living crisis

During demonstrations, started by an Indigenous federation, roads were blocked and vehicles torched, and police fired teargas

Ecuador has been brought to a near standstill after two weeks of tumultuous protests over a spike in fuel and food prices as global inflation inflames discontent over widening inequality across Latin America.

At least five people have died after demonstrators blocked roads, torched vehicles and hurled stones, while police responded with teargas during several days of clashes. Ecuador’s health ministry has said two people died in ambulances delayed by road blockades. Twelve police officers are reported injured.

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Boris Johnson admits byelection defeats ‘not brilliant’ as ex-Tory leader calls for resignation – as it happened

This live blog is now closed, you can find our latest UK political coverage here

This is from James Johnson, a Tory pollster (who worked for Theresa May in No 10) whose firm JL Partners carried out polling in Wakefield, on who ought to be taking the blame for the byelection defeats.

PM Media has just snapped this.

Boris Johnson has said he will “listen” to voters but will “keep going” after the Tories suffered a double by-election defeat.

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Soaring inflation pushes UK borrowing to £14bn in May

Interest on debt payment leaps 70% on a year ago to £7.6bn, a monthly record

Government borrowing was higher than expected in May at £14bn as soaring inflation sent interest payments on the UK’s debt to a monthly record.

The Office for National Statistics (ONS) said debt interest payments leapt 70% on a year ago to £7.6bn, the third highest debt interest payment made by central government in any single month and the highest payment in May on record.

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‘We want justice, not fuel’: Sri Lanka’s Tamils on north-south divide

In the middle of a crippling economic crisis, demonstrating is a luxury the country’s Tamil minority cannot afford

For months now, the sounds of protest and anger have rung out across Colombo, Sri Lanka’s largest city. Every day, along the city’s seafront promenade of Galle Face, people have gathered in their tens of thousands to rage against the government for plunging the country into its worst financial crisis in modern history.

But 200 miles north, in the district of Mullaitivu, the streets are silent. The economic crisis has hit Sri Lanka’s Tamil minority, who are concentrated in the north and eastern provinces, as hard as those in the south; the fishermen here say they are already starving. But they will also tell you that protesting is a privilege in Sri Lanka – one they have never been afforded.

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Brexit is making cost of living crisis worse, new study claims

EU withdrawal fuelling higher import costs and costing British workers nearly £500 a year, says Resolution Foundation

Britain’s cost of living crisis is being made worse by Brexit dragging down the country’s growth potential and costing workers hundreds of pounds a year in lost pay, new research claims.

The Resolution Foundation thinktank and academics from the London School of Economics said the average worker in Britain was now on course to suffer more than £470 in lost pay each year by 2030 after rising living costs are taken into account, compared with a remain vote in 2016.

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Energy price cap in Britain could near £3,000 this autumn

New forecasts suggest household bills could rise more than £1,000 after another spike in wholesale prices

The energy price cap could reach nearly £3,000 in the Britain at the beginning of October, with the planned increase possibly being more than £1,000 according to a new forecast.

It is expected to rise to £2,980.63 for the next period, which runs between October and December, after another spike in wholesale demand prices last week.

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Rail strikes will go ahead as RMT leader says government ‘actively prevented settlement to dispute’ – as it happened

General secretary Mick Lynch confirms strike action will proceed, as transport secretary Grant Shapps says rail unions to blame

Tim Shoveller, the chief negotiator for Network Rail, told the Today programme this morning that he did not think the government needed to get involved in the talks on the rail dispute. He said this was an issue for the industry to resolve with trade unions.

He said managers wanted to make the rail industry “more efficient to generate the funds so that we can make the pay awards that our colleagues want”.

I think it would be a disaster for the country. It would be a disaster for our passengers and, look, really bad for our employees, who would lose loads of money by having a long, drawn-out strike – that really is the worst place we can get to.

At the end of the day, the facts about the support the government’s provided in terms of the £16bn through Covid, etc – all of those are well-known and documented.

The Criminal Bar Association (CBA), which represents barristers in England and Wales, said several days of court walkouts will begin from next week.

The promised industrial action, announced on Monday following a ballot of members, comes at a time of significant backlogs across the court system.

This extraordinary commitment to the democratic process reflects a recognition amongst criminal barristers at all levels of call and across all circuits that what is at stake is the survival of a profession of specialist criminal advocates and of the criminal justice system which depends so critically upon their labour.

Without immediate action to halt the exodus of criminal barristers from our ranks, the record backlog that has crippled our courts will continue to inflict misery upon victims and defendants alike, and the public will be betrayed.

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Thousands march in London over cost of living crisis

Demonstration organised by TUC calls on government to make ‘better deal’ for people struggling to cope with soaring inflation

Thousands of people have gathered in London to protest against the government’s lack of action in tackling the cost of living crisis.

Protesters marched from Portland Place to Parliament Square for a rally with speakers including Frances O’Grady, the general secretary of the TUC, which organised the event.

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‘Great equaliser’: fears higher parking costs may limit access to iconic Sydney beaches

NSW Council of Social Services says councils should not make beach visits out of reach for lower-income families

A trip to the beach is about to get more expensive as parking rates rise in some parts of Sydney, causing concerns they will put some of city’s best natural wonders out of reach for lower-income families already facing increasing cost-of-living pressures.

Mosman council said it will increase parking rates by up to 75% at popular spots, including Balmoral Beach.

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