Extent of price rises revealed by ABS

A recent global cost of living survey suggested that Australian cities like Melbourne and Sydney are among the most expensive places in the world.

Times are hard for a growing number of people down under and those who were lucky enough to put a sizeable chunk of money into their savings accounts before the recession took hold have been forced to dip into their nest egg recently.

The Australian Bureau of Statistics (ABS) has now revealed the extent to which the price of everyday goods has risen.

It stated that the overall consumer price index grew by 0.1 per cent in the first quarter of 2012 and it seems the biggest change was in the medical sector.

The price of pharmaceutical products increased by a staggering 14.1 per cent during the three-month period, while the cost of hospital services also went up by 2.5 per cent.

However, it was not all bad news, as the price of fruit tumbled by 30 per cent and the cost of taking an international holiday fell by 4.8 per cent.

Have a question about savings accounts? Ask the money gurus at Mozo Answers.ADNFCR-1761-ID-801348679-ADNFCR