Australia's first-quarter inflation figures came in lower than economists predicted. Despite this, the reported price increase marks the highest level seen in two years.
The nation's inflation rate jumped to 4.6 percent. This surge was primarily driven by rising fuel prices, which sources attribute to the ongoing conflict involving Iran. The current inflation level remains above the target set by the Reserve Bank of Australia.
Following the release of the data, the Australian stock exchange (ASX) recovered earlier losses, as the 4.6 percent inflation figure reportedly eased market expectations for further interest rate hikes. This is a developing story and will be updated as details emerge.
