Fresh price data shows price pressures stay high but limited. Analysts point to three major causes that higher borrowing costs cannot address. Diesel prices set a record high, adding to costs throughout the whole economy.
Global banks now expect another Federal Reserve hike after recent inflation surprises. Central bankers are moving in a hawkish direction. In Australia, the Reserve Bank feels pressure for a fifth increase ahead of its cash rate meeting. The data heightens concerns about stubborn inflation.