Fresh price data indicates price pressures remain elevated but contained. Analysts cite three key factors that interest rate hikes may not fix. Diesel prices reached a record high, raising outlays throughout the whole economy.
Global banks now expect another Federal Reserve hike following the latest inflation shocks. Central bankers are shifting toward a tougher stance. In Australia, the Reserve Bank feels pressure for a fifth increase ahead of its cash rate meeting. The data adds to concerns about stubborn inflation.