Australians are being told to expect much higher cost of living for some time to come, with inflation peaking above seven per cent by the end of the year.

Federal Treasurer Jim Chalmers says an increase in the minimum wage isn’t causing inflation to rise, instead identifying global instability and supply constraints.

Doctor Chalmers says it’ll take at least two years before inflation gets back to more normal levels

“We haven’t reached the peak yet, but we can see it from here,” he said.

“The harsh truth is – households won’t feel the benefits of higher wages while inflation eats up wage increases, and then some.”

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