Pcdefender said..
A laughable attempt at covering up the truth that the official inflation rate is a croc.
I don't think there is even such a thing as the "official inflation rate".
The ABS calculate and publish the CPI (Consumer Price Index) which might be the closest thing. But the ABS also publishes many other similar cost or price indexes. I do not belive there is anything that is then used to create a single "offical inflation rate"
But I think you are kind of right. The CPI is weighted towards things that may not be the best reflection of how households and individual people spend, especially because spending tends to change depending on what prices are actually doing. And thus when people equate the CPI to "the offical interest rate" it is a pile of croc.
Although I am not sure there is a better way of doing it.