SYDNEY, AUSTRALIA - MAY 04: Pedestrians move past the Australian Securities Exchange (ASX) headquarters on May 04, 2026 in Sydney, Australia. Australia's annual inflation rate climbed to 4.6 percent in the year to March, its highest level since 2023, driven largely by soaring fuel costs linked to the ongoing conflict in Iran, though softer domestic price pressures have prompted some economists to question whether the Reserve Bank of Australia needs to raise its cash rate for a third consecutive time at its May 6 board meeting. (Photo by Lisa Maree Williams/Getty Images)