New inflation data shows price pressures remain elevated but contained. Analysts point to three main drivers that rate increases may not solve. Diesel prices reached a record high, pushing up expenses throughout the whole 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 before its upcoming cash rate decision. The data heightens concerns about persistent price growth.