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Australians are feeling the pressure from inflation, but in some parts of the world inflation rates are almost 11 times higher, causing massive spikes in the prices of goods. Key points: Experts told the ABC developing countries are likely to be hit harder by inflation One expert says countries with cautious central banks have so far managed rising inflation better The situation in Australia is common in countries such as the US, South Korea, Germany and Canada According to the Australian Bureau of Statistics, the country’s inflation rate is just above 5 percent. By comparison, Turkey faces one of the highest inflation rates in the world, currently at around 54 percent, Fariborz Moshirian, director of the global finance institute at the University of New South Wales, told the ABC. Sri Lanka, where protests over food and fuel shortages have prompted the President to leave the country, has an inflation rate of nearly 55 percent. Brazil’s inflation is around 12 percent and in Russia, infl

Australians are still spending big bucks, but surveys suggest that could change quickly as rising interest rates send consumer confidence to pandemic lows. Key points: Consumer confidence has fallen to the lows usually seen during a recession Soaring inflation and a sudden spike in interest rates to combat it weigh on households The slump in confidence has yet to feed through spending cuts, with various measures hitting record highs The latest consumer spending data from the Australian Bureau of Statistics showed household spending was 7.9 per cent higher in May than a year earlier. Much of the increase in spending is not because Australians have had to buy more, but reflects a spike in inflation, meaning people are paying more for most of the things they buy. Transportation spending rose nearly 15 percent, as people once again took to the skies, but also as fuel costs soared. Eating out and going out together has also seen a double-digit percentage increase in spending over the past y