Living Cost Pressures Intensify As Signs of Weak Economic Growth Spotted

People shop at a market in a suburb of western Sydney, Australia, on April 27, 2022. Saeed Khan/AFP via Getty Images

Australian households should be prepared for further hikes in living costs as the economy showed the first signs of slowing growth in the first quarter of 2022.

According to a survey by the Australian Bureau of Statistics in May, over one-third of local businesses (38 percent) were expected to raise prices by more than usual.