Australia's starting to feel the economic effects of the energy squeeze stemming from conflict on the other side of the world.  

Annual headline inflation surged to 4.6% in March, up from 3.7% in February.  

It's the country's highest inflation rate since September 2023, when the economy was bouncing back after Covid. 

Westpac Chief Economist Kelly Eckhold told Ryan Bridge that New Zealand’s inflation is unlikely to reach the same peaks. 

He says New Zealand economists are predicting a peak of around the mid-4s, whereas Australia’s are expecting it to go well over 5%. 

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