CryptoWorld News reports that consumer prices in Australia surged significantly in the first quarter, with Middle Eastern conflicts driving up energy costs. Core inflation remains at a high level that concerns policymakers, increasing pressure for a rate hike next week. Data released by the Australian Bureau of Statistics on Wednesday shows that the Consumer Price Index (CPI) increased by 1.4% quarter-on-quarter in the first quarter, the largest gain since the end of 2023. The year-over-year increase accelerated from 3.6% to 4.1%, with the March CPI rising to 4.6% year-over-year. The key measure of core inflation, the trimmed mean, rose by 0.8% in the quarter, slightly below the previous forecast of 0.9%. The year-over-year growth rate increased from 3.4% to 3.5%, further exceeding the Reserve Bank of Australia's target range of 2% to 3%.

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