Australia's February inflation rate remains high, highlighting the lingering price pressure before the Iran war pushed up oil prices.

Even before the disruption of Middle East energy supply and the surge in gasoline prices caused by the Iran war, Australia's February inflation rate remained high, highlighting the ongoing price pressures in the economy. Data released by the Australian Bureau of Statistics on Wednesday showed that the trimmed mean inflation rate, excluding volatile items, rose by 3.3% year-on-year, slightly lower than the economists' forecast of 3.4%. The target of the Reserve Bank of Australia is to maintain the inflation rate at the midpoint of the 2% to 3% target range. The index rose by 0.2% on a month-on-month basis, compared to a 0.3% increase in January. The Reserve Bank of Australia raised the cash rate for the second consecutive month to 4.1% in order to ease price pressures. Governor Michele Bullock warned that inflation levels are still too high, and the policy committee is concerned that the rise in energy costs could lead to a second-round effect. Betting in the currency market suggests a high probability of two more interest rate hikes this year.