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AAP
AAP
Politics
Jacob Shteyman

Worse to come as oil crisis adds fuel to rate-pain fire

RBA Inflation Iran ANZ Oil Reserve Bank
Treasurer Jim Chalmers has a lot to contemplate as he prepares the budget while inflation rises. (Susie Dodds/AAP PHOTOS)

Australia's headline inflation rate has climbed to a two-and-a-half year high due to the Iran war but Treasurer Jim Chalmers warns the worst is yet to come.

The jump in the Australian Bureau of Statistics' annual consumer price index, to 4.6 per cent in March from 3.7 per cent a month prior, is the first material sign of the impact of the Middle East conflict on Australia's economic data.

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