Kathmandu. Household spending in Australia has soared sharply, with fuel prices soaring due to tensions in the Middle East. According to data released by the Australian Bureau of Statistics{{ (ABS) on Tuesday , household spending increased by 1.6 per cent in March. 

According to the ABS, householdspending increased by 0.2 per cent in January and 0.3 per cent in February. This is an increase of 6.3 percent compared to March 2024. According to Tom ABS’s business statistics chief , the increase in fuel prices led to a 5.1% increase in transportation costs. Fuel prices have been on the rise since the beginning of March and reached their peak by the end of the month, the data showed. 

Due to the price increase, there has also been a change in the behavior of consumers. Vehicle owners have been found to be refueling a small amount of instead of filling frequently at once. Similarly, the increase in the use of public transport instead of private vehicles is also a signal that consumers are trying to avoid expensive fuels. 

Similarly, food expenditure increased by 1.7. The cost is said to have increased as people are precautionary about stocking food (stock) due to potential disruptions in global supply chains.

According to the data, the price of fuel increased by 32. 8 percent in March, while the quantity of fuel purchased decreased by 1.3 percent.The total amount of household spending increased by 0.7 percent in the March quarter, the sixth consecutive quarter increase. “The increase is due to increased spending on essentials such as health and food,” he said. On an annualized basis, household spending increased by 2.8, the strongest annual increase since the middle of 2023.