Australian Inflation Was Elevated Even Before Iran Oil Shock

Australian inflation remained elevated in February, even before the Iran war disrupted Middle East energy supplies and sent the cost of gasoline soaring, highlighting persistent price pressures in the economy.

The closely-watched trimmed mean gauge of consumer prices, which excludes volatile items, rose 3.3% last month from a year earlier versus economists estimate of 3.4%, data from the Australian Bureau of Statistics showed Wednesday. The Reserve Bank aims for inflation at the midpoint of its 2-3% target band.