Inflation lifts close to three-year high off back of fuel price surge
Inflation in Australia rose to 4.6% in March, the highest in nearly three years, driven largely by a 32.8% monthly surge in petrol and diesel prices, which accounted for almost three-quarters of the increase. Despite the spike, trimmed underlying inflation remained steady at 3.3%, and markets reacted by lowering expectations of a near-term Reserve Bank rate hike. The rise in fuel prices was linked to Middle East tensions, while housing and electricity costs continued to contribute to annual inflation pressures. The Australian dollar dipped and the ASX200 rallied following the data release.
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