Consumer prices have surged by the most in more than 20 years, with the cost of living up 5.1 percent over the past year.

Managing Director of E-Q Economics and economic advisor to Judo Bank Warren Hogan said he is not surprised about the result.

Hogan told Jim Wilson Australia is “lagging” behind, compared to other countries.

“I think we are just lagging, we can’t get away from this global inflation in terms of primary commodities … as well as just goods and stuff we buy overseas.

“Unfortunately I think that means we have another couple of bad inflation numbers ahead of us.”

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