Australia's inflation surges to the highest level in 20 years | 7NEWS

The increase in the cost of living has surged to the highest level in 20 years with inflation hitting 5 percent - much higher than expected.

It means the Reserve Bank is now under pressure to raise interest rates - possibly as early as next week - right in the middle of the election campaign.

Headline inflation was up 2.1% for the quarter, 5.1% for the year. The biggest surge since 2001 in the wake of the GST launch.

The biggest contributor, transport - mostly fuel, up 13.7 in the year. But also housing - up 6.7 per cent. Household goods and services up 4.9%. And education costs, up 4.7 per cent.

A few things became cheaper, like clothing and footwear down 1.5%. And communications costs, down 0.8%.

But food and groceries are soaring.

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