Fresh price data shows price pressures are still elevated but under control. Analysts point to three main drivers that higher borrowing costs cannot address. Diesel prices reached a record high, raising outlays throughout the whole economy.
Global banks now expect another Federal Reserve hike in light of fresh inflation surprises. Central bankers are moving in a hawkish direction. In Australia, the Reserve Bank feels pressure for a fifth increase prior to its policy meeting. The data heightens concerns about ongoing price increases.