Fresh price data shows price pressures remain elevated but contained. Analysts highlight three main drivers that higher borrowing costs cannot address. Diesel prices set a record high, raising outlays across the overall economy.

Global banks are bracing for another Federal Reserve hike following the latest inflation shocks. Central bankers are turning more hawkish. In Australia, the Reserve Bank is under pressure for a fifth increase prior to its policy meeting. The data raises concerns about stubborn inflation.