Inflation jumped to 4.6% in the year to March, from 3.7% the month before, in what experts say is the start of an Iran war-linked fuel shock that will ripple through the economy over coming months.
Financial markets are betting the Reserve Bank will hike interest rates for a third straight meeting next Tuesday, as officials struggle to manage the “nightmare scenario” of containing inflation even as growth is expected to slow sharply.
The international oil price pushed back above $US110 a barrel overnight amid dimming hopes of an end to the US-Israel instigated conflict that has closed the strait of Hormuz, a critical artery for the global flow of oil and other key commodities such as fertiliser.
Analysts predict consumer price growth will continue to climb from here as the surge in petrol and diesel costs flows through to the price of other goods and services.
Westpac economists, before the release of the latest data, expected inflation to reach as high as 5.8% in May, and only retreat to 4.7% by the end of this year.
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