New inflation data reveals price pressures remain elevated but contained. Analysts point to three major causes that interest rate hikes may not fix. Diesel prices hit 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 moving in a hawkish direction. In Australia, the Reserve Bank faces pressure for a fifth increase prior to its policy meeting. The data heightens concerns about stubborn inflation.