Fresh price data reveals price pressures are still elevated but under control. Analysts point to three main drivers that interest rate hikes may not fix. Diesel prices set a record high, raising outlays for the broader economy.

Global banks now expect 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 ahead of its cash rate meeting. The data adds to concerns about persistent price growth.