BREAKING NEWS: Australian inflation climbs after warning from Twitter billionaire as petrol prices hit record highs and rents leap Australia's inflation rate surged by 3 per cent during the September quarter By Stephen Johnson, Economics Reporter For Daily Mail Australia Published: 01:43 BST, 27 October 2021 | Updated: 01:44 BST, 27 October 2021 Viewcomments Record-high petrol prices and leaping rents are pushing up Australian inflation with new proof of living cost pressures revealed after Twitter billionaire Jack Dorsey issued a 'hyperinflation warning'. Australia's headline inflation rate grew by 3 per cent in the September quarter with the consumer price index at the top end of the Reserve Bank's 2 to 3 per cent target band. Surging petrol prices were the biggest contributor with fuel prices up 7.1 per cent in the quarter. The figures were taken before unleaded prices this month surged to new record highs. The Australian Bureau of Statistics has revealed the extent of the price rises hours after real estate data group CoreLogic revealed national rents soared by 8.9 per cent, the fastest annual growth since July 2008. Record-high petrol prices and leaping rents are pushing up Australian inflation with new evidence revealed after Twitter billionaire Jack Dorsey issued a 'hyperinflation warning'. Share or comment on this article: All rights reserved for this news site (dailymail) and under his responsibility