Australian inflation hits seven-year high

Australian inflation soared to its highest level since June 2001, raising expectations that the country's Reserve Bank will be forced to hike rates again next month.

The consumer price index was 4.2% higher in the three months to March from the same period last year. The surge came largely on the back of higher food, housing, transport services, and financial and insurance services costs, the Australian Bureau of Statistics revealed on Wednesday.

Some analysts now expect the Reserve Bank of A