New inflation data reveals price pressures stay high but limited. Analysts highlight three major causes that higher borrowing costs cannot address. Diesel prices reached a record high, raising outlays throughout the whole economy.

Global banks are bracing for another Federal Reserve hike following the latest inflation shocks. Central bankers are shifting toward a tougher stance. In Australia, the Reserve Bank faces pressure for a fifth increase ahead of its cash rate meeting. The data raises concerns about persistent price growth.