Inflation jumps to 4.6% in Australia as Iran war fuel shock begins to bite

Financial markets are betting the Reserve Bank will hike interest rates for a third straight meeting next TuesdayFollow our Australia news live blog for latest updatesGet our breaking news email, free app or daily news podcastInflation jumped to 4.6% in the year to March, from 3.7% the month before, in what the treasurer, Jim Chalmers, warned was the start of an Iran war-linked fuel shock that will ripple through the economy over coming months.With consumer prices now growing at their fastest pace in two-and-a-half years, financial markets are betting the Reserve Bank will hike interest rates for a third straight meeting next Tuesday as officials struggle to manage the nightmare scenario of containing inflation even as growth is expected to slow sharply. Continue reading...