Energy price hikes could impact on savings accounts

Thursday 29 October 2009

Article by Mozo

Increases in energy prices have been recorded in a recent report, which could potentially impact on people’s savings accounts.

The Australian Bureau of Statistics published its Consumer Price Index, which indicated that the most significant increases throughout the September quarter were in electricity, fuel for vehicles and water and sewerage.

According to the study, these saw rises of 11.4 per cent, four per cent and 14.1 per cent respectively.

Furthermore, the cost of deposit and loan facilities rose throughout the three months to September, while house purchases went up by 1.1 per cent – which may be of interest to those looking to compare low interest home loans.

Householders may be pleased to hear, however, that the cost of some financial services dropped by 2.3 per cent and the prices for fruit and vegetables decreased.

Altogether, the index showed a rise of 1.1 per cent year-on-year.

Meanwhile, a Rudd Government report published earlier this month showed that people have been turning to their friends and family for financial help throughout the recession – something that could have been affected by the price increases.

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