The Senate committee on the cost of living will hear from the Reserve Bank, Woolworths, energy providers 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, while Greens senator Penny Allman-Payne is its deputy chair.

Hume said cost of living remained the top issue for Australians.

“Prior to the election, Labor said they had the answers. It seems to be getting worse, it’s the worst inflation figure we have seen since 1990,” she told Seven’s Sunrise program.

“At the beginning of the year, with people going back to work and school, Australians are feeling the pinch of the grocery take-out, petrol browsers, paying their bills and mortgages.”

Fast-rising inflation has been crushing household budgets, with consumer prices lifting at an annual rate of 7.8 per cent in the December quarter.

But Hume denied that the committee would be used as a witch-hunt against the government.

“Quite the opposite – tactical outcomes are exactly what we are looking for,” she said.

“We will consult with industry, individuals, groups, and find practical, implementable solutions to the cost-of-living crisis.”

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 more recently.

The central bank started hiking the cash rate last year to stymie demand and control inflation, subsequently putting pressure on mortgage holders.