Headline inflation has jumped to 6.1 per cent, fuelled by record petrol prices and rising home-building costs.

While Wednesday’s result came in below market expectations of 6.3 per cent, the rise in CPI in the three months to June 30 was the highest since June 2001 during the introduction of the GST, according to the Bureau of Statistics.

The Reserve Bank of Australia’s preferred measure, rose by 1.5 per cent in April-June and gained 4.9 per cent for the year, which is its highest rate since June 1991.

Non-discretionary inflation, which includes prices rises on food, petrol, housing and health costs, helped drive the rise. This measure increased by 7.8 per cent in the year ended June 30.

Some of the biggest cost increases were in new dwelling prices, which rose 20.3 per cent over the year, and petrol prices, which are up by 32 per cent.

“The CPI’s automotive fuel series reached a record level for the fourth consecutive quarter,” said Michelle Marquardt, the ABS’ head of price statistics.

The price of fruit and vegetables rose by 5.8 per cent, linked to heavy rainfall and flooding in key production areas, as well as COVID-19-related supply chain disruptions and high transport and fertiliser costs.

Also this week, the International Monetary Fund has downgraded its outlook for the global economy for the second time in three months, with inflation and rapidly rising interest rates putting heavy brakes on activity.

The IMF is forecasting growth of 3.2 per cent this year and 2.9 per cent next year. Those figures are 0.4 and 0.7 percentage points lower from April’s forecast, largely reflecting slowdowns in the US, China and in the eurozone.

There has also been an upward revision to the global inflation outlook, with price growth now expected to reach 6.6 per cent in advanced economies.

Treasurer Jim Chalmers is set to revise down Australia’s economic growth outlook this week. Dr Chalmers said when the inflation figures were released that wage rises need to be “sustainable, responsible” and not necessarily chase the 6.1 per cent headline inflation rate.

However, he suggested that real wage growth - pay rises exceeding the rate of inflation - could occur later in the government’s three-year term, when inflation is expected to calm down.