‘Notoriously difficult task’ to forecast inflation peak: Chalmers

Treasurer Jim Chalmers has discussed cost of living pressures Australians are currently facing and when the nation could expect to see inflation peak. “On the robustness or otherwise of the forecast, it's a notoriously difficult task and especially so when we've got this global volatility that we've got,” Dr Chalmers said during a media conference in Canberra on Wednesday. “I think it speaks volumes of the situation that we are in that when the Americans get inflation figures with an eight in front of it, it's welcomed as good news because it was better than forecast for that particular set of data. So, it's a volatile time.” “Forecasting is notoriously difficult but that’s the best assessment that Treasury has most recently given us about the peak in inflation. There is a lot that can change and inflation has a number of sources, global and domestic.”