“The alarming new peak in consumer price growth is a reminder of the persistent pressures clipping households and businesses alike,” ACCI chief executive Andrew McKellar said.

“The impacts of an energy price spike, supply chain bottlenecks due to COVID-19 and the war in Ukraine, and acute workforce shortages, have driven price increases around the world and Australia is no exception.

“Australia’s high inflation environment is not unique. In recent months the United Kingdom, the European Union, Canada, New Zealand, and the United States have all recorded their highest consumer price figures in more than a decade. Macroeconomic trends explain increased prices in Australia.

“In this international economic context, the ACTU’s recent assertion that business is to blame for inflation is driven by politics, not facts.

“Inflation, which has been low for more than a decade, did not suddenly rise in recent months because businesses decided now was the ideal time to squeeze their customers.

“The reality is businesses are absorbing cost increases where they can. But, with inflation continuing to sting employers, higher consumer prices will persist in the months ahead.

“Coupled with the unexpectedly sudden fall in the unemployment rate to 3.5 per cent, it’s all but certain that the Reserve Bank will further tighten monetary policy at their August board meeting next week.