The latest inflation report reveals price pressures are still elevated but under control. Analysts point to three key factors that rate increases may not solve. Diesel prices hit a record high, adding to costs for the broader economy.

Global banks now expect another Federal Reserve hike in light of fresh inflation surprises. Central bankers are turning more hawkish. In Australia, the Reserve Bank feels pressure for a fifth increase before its upcoming cash rate decision. The data adds to concerns about stubborn inflation.