The role of the central bank, supermarkets and energy companies in the cost of living crisis will be scrutinised at a parliamentary hearing.
The Senate committee on the cost of living will hear from the Reserve Bank, Woolworths, energy companies and welfare groups on Wednesday.
The committee was set up last year to investigate cost of living pressures and consider options to ease pressure on households.
Liberal senator Jane Hume chairs the committee, with Greens senator Penny Allman-Payne its deputy chair.
Fast-rising inflation has been crushing household budgets, lifting 7.8 per cent annually in the December quarter.
This is the highest annual consumer price index increase since 1990.
Inflationary pressures were initially isolated to goods due to supply chain disruptions and high energy costs.
But the price of services has also been trending upwards, lifting 5.5 per cent annually and accelerating on a quarterly basis according to official figures.
The central bank started hiking the cash rate last year to stymie demand and control inflation, subsequently putting pressure on mortgage holders.
© AAP 2023